X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PLANO, TX-Simultaneous spec retail projects at two high-traffic intersections will break ground in late January or early February in Dallas-based Henry S. Miller Commercial’s ongoing development of Crystal Creek Village in Plano. The retail double play of 30,000 sf is carrying a price tag of about $5 million.

One 15,000-sf center, all retail, will rise at the northeast corner of Hedgcoxe and Ohio while a similar-size retail-office combo will go up at the junction of Ohio and Rasor. Henry S. Miller Commercial will act as developer and leasing agent for the centers.

Sam Kartalis, Henry S. Miller Commercial president, tells GlobeSt.com that the projects will be built “out of pocket” with 1031 Exchange proceeds gleaned from a high-rise sale “east of the Mississippi” by the foreign investors who are backing the Plano projects. There’s also a margin of comfort in the fact that these are the only two commercial tracts left at the intersections in the growing neighborhood.

The all-retail center will go up on 10 acres fronting Hedgcoxe while the combo center will be built on 15 acres fronting Ohio. Kartalis is betting future development of Rasor will catapult the crossroads into a heavily traveled shortcut to Texas 121. “It’s going to become a very major intersection in the next five years,” he says.

Both single-story, brick-facade projects are ticketed for midyear openings. And both will cater to mid-level retailers. “We’re going to try to make sure the rents are attractive,” Kartalis emphasizes. There’s also the upside that tenants will have a choice between the nearby centers, an option that makes for a clear advantage in the leasing pushes. He’s optimistic that one, maybe both, could be fully leased by the ribbon-cutting.

The development follows the golden rule of retail following rooftops. Crystal Creek Village is a 100-acre, single-family neighborhood developed by a joint venture partnership of Miami-based Copacabana Inc. and Henry S. Miller Commercial. The single-family development got under way about two years ago.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.