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THE WOODLANDS, TX-A 25.5-acre tract on the south side of College Park Drive at Interstate 45 in this north Houston suburb of the Woodlands has been sold to College Park Partners LP for development of a 135,000-sf retail center. The buyers are a local group led by Steve McPhetridge, a longtime executive for the Woodlands Operating Co. in sales and leasing.

College Park Partners LP plans to develop a shopping center with seven freestanding pad sites as well as135,000 sf of multi-tenant retail space. Construction will begin in February on the center, which will be dubbed College Park Plaza, with delivery set for November.

McPhetridge notes in a statement that “five of the seven pad sites are already committed and leasing is underway for the in-line space.” McPhetridge did not announce any specific tenant names except to say that types of businesses vying for space at the center include a major pharmacy, electronics store, clothing stores, day-to-day convenience shopping, medical and professional offices, fast food and casual dining restaurants, banks and a limited service hotel.

The sales price on the land was not revealed but statistics recently published by the Woodlands Operating Co. put average land sales for 2002 at $7.51 per sf. If this land sale is near the average, then it sold for somewhere over $8 million.

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