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FRISCO, TX-Corporate Capital and Development Inc. of Dallas has quietly picked up a land contract held by another developer to push a plan for a 7.3-acre, class A medical office development that kicks off in the fall with a 55,000-sf spec building.

The opportunity came with entitlements and an approved site plan by Frisco officials, Brad Enloe, Corporate Capital principal, tells GlobeSt.com. Sold by Shula Netzer Real Estate Co., the acreage will be divvied into three parcels, with the office/condo spec building taking down 4.5 acres for a middle positioning on acreage with 550 feet of frontage along Preston Road near its intersection with Wade Boulevard. The other tracts will be sold as pad sites for medical-related build-outs.

Enloe says the project’s pre-sales, still in the preliminary stage, have cornered several letters of intent. Condo suites will be sized to the buyer. The spec project cost is being fine-tuned, but the “for sale” pad sites are likely to go for $22 per sf, according to Enloe, who bought acreage in an area where sales range from $18 per sf to $30 per sf.

Enloe, marketing in-house for now, has yet to pick the brokerage team or the general contractor. The architect is GSR Andrade of Dallas.

The two-story spec building, expected to deliver in spring 2005, targets members of the medical community for a non-hospital affiliated setting. “There are some doctors who don’t want to be in a hospital environment,” Enloe explains of the build-and-sell plan.

Corporate Capital has been project manager for several medical office developments, but this is the first one that it will bring out with an ownership stake. The opportunity to get a site with entitlements in place and Preston Road frontage were the decision-makers for stepping onto the field and carrying the development to the finish line, Enloe says.

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