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HARLINGEN, TX-In its first area land play, Fort Worth-based Woodmont Co. in partnership with National Retail Properties Inc. of Orlando have acquired 3.12 acres for an estimated $6-million to $8-million retail development. The 32,000-sf Harrison Crossing will break ground in early 2007.

Woodmont associate Kyle Gill tells GlobeSt.com that the contingency for the project’s construction launch involved a strong preleasing need. To date, three tenants are committed to the location at the corner of US Highway 77 and West Harrison Avenue, including a Walgreen’s drug store and Starbucks.

“The remaining interest in the project has been very high,” says Gill, who brokered the sale on behalf of the partnership, which is operating under the name NNN Harrison Crossing LP. The center is slated for completion by fall 2007.

The land parcel was assembled in two acquisitions from local sellers Joseph Lapinski and Ravindra Bhakta. A 2.93-acre parcel held a Scottish Inn& Suites hotel, which is being demolished in preparation for Harrison Crossing’s construction.

The site is across the highway from Valle Vista Mall and a Wal-Mart Supercenter. The area surrounding Harrison Crossing is a mix of multifamily complexes, restaurants and other retail shops.

While Harrison Crossing is the joint venture’s first endeavor in the area, Gill says Woodmont is interested in pursuing other developments individually or joint ventures. “We’d like to do more developments in Harlingen and are looking in the entire valley,” he adds. “Hopefully we can put other deals together.”

 

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