Zoning Changes Underway for Added Commercial

DENTON, TX—With the intent of building additional single-family homes in the area, a buyer has nabbed 14.75 acres located at the northeast corner of North Mayhill Road and Mills Road, according to Vanguard Real Estate Advisors. The purchaser was a Texas-based private investor.

The disposition team was led by Vanguard managing principal Jordan Cortez, who also procured the purchaser.

“The purchaser was able to secure the deal prior to us launching our formal marketing campaign by making a compelling offer with aggressive terms. The transaction closed in 38 days from contract signing,” says Cortez.

The site is currently raw land. It is adjacent to Denton Ryan High School and provides a good location for the purchaser's plan for a single-family subdivision in this community approximately 20 miles north of Dallas on Interstate 35. And, there are zoning changes underway for more surrounding commercial properties.

“Given the proximity to schools and the existing housing stock in the area, the home buyers would most likely be young families with school-aged children,” Cortez tells GlobeSt.com. “At that immediate intersection I don't foresee any future retail or restaurant-oriented development, but we do expect that corridor of North Mayhill Road to continue to see new development overall as the city is currently undergoing a project to widen and improve Mayhill Road to a four lane median-divided roadway. With respect to more commercial-oriented uses coming into that general area, there is currently a proposed zoning change to allow for commercial mixed use on approximately 73 acres located just southwest of the site we transacted at the intersection of East McKinney Street and North Mayhill Road.”

Vanguard Real Estate Advisors is a Dallas-based boutique investment advisory firm that specializes in investment sales assignments, joint venture equity placement and structured finance solutions.