Developer Taps 129 Acres for Retail, Industrial Plan

ROCKWALL, TX-The 233-acre Rockwall Technology Park is getting some friendly competition from a local developer who’s just bought 129 abutting acres in a plan to sell the land for light industrial and retail development.

It’s one of those deals where final price and buyer’s name are closely guarded. Mariah Bay Development Inc., the buyer of record, is led by a prominent developer with expertise in adding value to raw land, Darrell Hurmis of Henry S. Miller Commercial in Dallas tells GlobeSt.com. With time, the name will be provided. As for the price tag, it came “fairly close” to the near $3.9 million sought by the joint venture owner who had it in a land bank for the last four years, Hurmis says.

Hurmis, Robert Grunnah and Dave Valdez, all of Henry S. Miller Commercial, brokered both sides of the deal. 97 Rockwall Industrial Ltd. is the seller of record and represents a locally based investment group. The property wasn’t being actively marketed when the buyer surfaced, but 65 days later Mariah Bay became the new owner. “Everything we have is for sale at the right price,” says Hurmis.

Mariah Bay right now is talking with Rockwall officials about rezoning part of the tract, according to Hurmis. The idea is to dedicate 20 acres at the southeast corner of Interstate 30 and FM 549, which leads to the municipality’s technology park, for retail projects. The balance of the land would be hawked to light-industrial users. Hurmis confides that the Henry S. Miller team already has placed “one or two” deals on the developer’s desk although he is just plotting out the land plan.

Mariah Bay’s acreage has utilities to it, but no infrastructure. That, says Hurmis, is coming to prep the land for resale.

Rockwall’s Economic Development Corp. is one of the most active in North Texas. It has three buildings, totaling 202,500 sf, up and two under construction in its technology park, which opened in July 2000. It’s success has been such that the EDC earlier this year bought an extra 76 acres–abutting Mariah Bay’s land–to expand the original 147-acre undertaking. The park is home to Falcon Fine Wire Products Inc., Graphics Microsystems Inc., Power Maintenance International and newcomer Comcept Inc., which opened the doors on a 30,000-sf headquarters building in late November. In summer 2002, Precision Sheet Metal will open its manufacturing facility in the technology park.