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HOUSTON-A local developer is getting ready to start the Market Square at Eldridge Parkway, acquiring 48 acres in an off-market deal beside 19 that it’s had for awhile. The plan is to develop a 220,000-sf shopping center, with a 180,000-sf Target as the anchor.

Representatives from Property Commerce could not be reached by press time to discuss the development timeline or financials. But, land on the city’s west side ranges from $10 per sf for a 17-acre parcel to $22 per sf for nine acres. Property Commerce bought the land at Westheimer Road and Eldridge Parkway from Phillips Development & Realty LLP in Raleigh, NC.

The seller’s broker, A. David Schwarz III with McDade, Smith, Gould, Johnston, Mason + Co.’s Houston office says the Phillips Development acquired the land a year ago from a local firm, RCA Holdings Ltd., with the intention of building a multifamily complex. When Jay Williams, president of Property Commerce, made a good offer on the land, Phillips decided to take it, Schwarz adds.

Holliday Fenoglio Fowler LP senior managing director Rusty Tamlyn, who isn’t involved with the deal, says Property Commerce is building a retail development in an area with extraordinarily strong demographics. “We’re talking about the Memorial submarket with high-end income levels and housing just to the north and the Energy Corridor on Interstate 10, which is one of the best office markets in the city,” Tamlyn tells GlobeSt.com.

Schwarz says the location also is strategic for retailers due to the residential development south of Westheimer and in Fort Bend County. “The area also has a huge traffic count between Sam Houston Tollway and Highway 6,” he adds.

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