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CROWLEY, TX-Domus Fund III of Dallas plans approximately 250,000 sf of retail and office space on a 27-acre site, one of the few parcels available for development on a section of Highway 1187 here where growth has been booming. Lester Day with NAI Huff Partners LP in Fort Worth, who represented the Colleyville-based seller of the property, Crowley Partners Ltd., tells GlobeSt.com that the buyer has landed the last of the only three intersections on this particular stretch of highway that is available for development.

“It’s a controlled access highway, and it’s a very high growth area, so the supply of intersections and corners is limited,” Day tells GlobeSt.com. One of the other two corners is already built out and the other is earmarked as the site for a Wal-Mart, so the buyer is getting a site in an area with high barriers to entry and ample promise because of the development there in recent years, Day points out.

The property, within the Crowley city limits, is already entitled and is served by city utilities as a result of the development in the area. Besides being the last of the three corners in the area, “this is the only one of this size that has this capability for future big-box retail,” Day comments.

Day adds that the development site attracted several offers, all of them from prospective retail and office developers, before the seller ultimately chose Domus, which was represented by Jay Holman. “Everybody saw it the same way, that the highest and best use of the property would be for retail/office,” Day says.

The seller, anticipating that the development of this stretch of 1187 would generate demand for retail sites, acquired the property just before construction began on the new stretch of highway. With 1187 representing the next outer loop around the Greater Fort Worth area, and with utilities and infrastructure in place from the housing boom, the way has been paved for the commercial sites to develop.

Day points out that even greater demand will be created when all of the existing and new roads connect in the loop, including 35W, 377 and the new 121T tollway. The tollway, slated for completion in 2010, will connect to Downtown Forth Worth.

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