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ALLEN, TX-Nacogdoches Commercial Bancshares Inc., an East Texas bank, has claimed its first site for a branch in Dallas/Fort Worth. The intent is to carve out roughly two acres and put the 12.53-acre balance on the market as pad sites or package a direct sale with a retail developer.

As soon as the deal closed, two land contracts rolled in for the remaining land at the corner of Exchange and Greenville avenues before a full-blown marketing could begin, according to Matt Anding, vice president for Henry S. Miller Commercial in Dallas. He tells GlobeSt.com that developers from inside and outside the Miller firm, both Texas and out-of-state firms, are sizing up the retail-zoned dirt for a shopping center project. The dirt’s sticker price is $8.35 per sf.

“There’s definitely a lot of interest,” Anding says. “I anticipate somebody will do something sooner rather than later.” In fact, he’s predicting that a buyer could be picked in a week or two. He says both developers are doing the ground work, with one already in pursuit of an anchor tenant.

Anding says the bank initially thought about developing the entire site, but decided it was too difficult to achieve due to financial regulations so it took the hard corner and directed him to market the balance. “They just really, really liked this location,” he explains about the decision to acquire a larger site than they needed from LLG Land Inc. of Allen.

The quick interest in corner is the location, which completes a box with Stacey Road and US Hwy. 75 or North Central Expressway. The other sweet spot is it’s the last developable corner at a crossroads shared by Allen High School and a built-out tract that holds a Kroger Signature store, fueling station and convenience store. “What makes our corner so valuable is because everything else has been taken,” Anding says. Based on its zoning, Anding says each acre can be developed with the equivalent of 1.2 acres of retail in two-story buildings.

Anding says the bank should be breaking ground within six months on the first of a half dozen locations that it wants to open in the metroplex. The design is in flux, but it’s destined to end up 5,000 sf to 8,000 sf. “This is their flagship bank in Dallas/Fort Worth so they’re playing around with a couple ideas,” he says.

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