DALLAS-CB Richard Ellis has snared a premier contract to market 110 acres earmarked for an office-retail development in upscale Las Colinas. Dallas-based Olympus Real Estate Corp. owns the land, which is all that is left of a 237-acre parcel bought in 1995. “We anticipate a couple of deals will be under contract by the end of the year,” Steve Hefner, vice president of Olympus affiliate, Real Estate Value Managers, tells GlobeSt.com. “”Nothing will close in 60 to 90 days.”
Champion Partners recently closed on its second 10-acre tract of a 60-acre option. The Dallas-based developer's first phase, the 165,907-sf Westway I, will be delivering in 90 days. When that building is substantially leased and the market is ready, Champion will undertake the second phase, Steve Modory, senior partner and chief information officer, tells GlobeSt.com. Chris Taylor of Capstar Commercial in Dallas is the leasing agent for that property. Champion is partnering with State Farm Insurance Co. on Westway I.
The remainder of the original tract had been sold several years ago to JDN Realty Corp. of Atlanta. The acreage at the intersection of Interstate 635 and MacArthur Boulevard is practically built out with retail, says Hefner. JDN's MacArthur Marketplace, totaling more than 600,000 sf, has attracted anchors such as a Wal-Mart supercenter, Sam's Club, United Artists Cinema and Kohl's.
The Olympus tract is situated along Las Colinas' northern edge in the LBJ Freeway corridor. Last fall, Olympus Boulevard overpass opened, putting in place the final infrastructure needed for the acreage's development. Since 1995, the Las Colinas-area development, an Olympus/Rosche joint venture, has had $50 million in infrastructure improvements completed. MacArthur Park at Olympus Boulevard business park now has five miles of new roads and all utilities are in place, opening development doors for the 50 acres.
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