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FLOWER MOUND, TX-A Dallas developer is flipping the deed to 19 acres that he bought last month for a plan to divvy it into retail and office pad sites. The pass will be made in three weeks.

“At the time I bought it, I had no plans to sell it in bulk like this,” Roger Gault, president of the Gault Co. in Dallas, tells GlobeSt.com. “The offer I got was just so attractive that it trumped my plans to develop it.” The land is close to the FM 2499 and 407 junction.

Gault says he had offers from several investment groups and developers as the dust settled on the takeover from Equi-Mor Holdings Inc. of Denver, which took the land in a foreclosure and held it a year before turning it loose to the market. The price is off limits then and now, but retail dirt in the area trades in the $7 per sf range.

Gault’s vision for the Waketon Ranch was pad site resales for office and retail uses. The land requires $1 million of infrastructure work, including a detention pond, he says. He says the buyer will follow through on the development plan that’s in place for infrastructure and nine pad sites.

As would be expected, the retail players in control of the hard corners also approached Gault. Direct Development of Dallas has built out or in the process of finishing up two of the four retail corners. The other two are under-construction projects of Phoenix-based Opus West Corp. and Jacksonville, FL-headquartered Regency Centers Corp. Gault says he has a back-up plan with Direct Development, but the land is under contract to a developer from Flower Mound.

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