Dallas-based Centex Homes has begun site work on the 41.42 acres it bought from John Lewis of San Antonio for its residential subdivision. Now, 25 acres that Lewis owns fronting on I-10 is being marketed for the shopping center, Kit Corbin of the San Antonio office of Grubb & Ellis Co. tells GlobeSt.com. The land can support up to 125,000 sf of retail space.
Centex paid about $13,000 an acre for the property, less the money it spent to extend utilities to the site, which was rezoned in November for high-density residential development by the Boerne City Council. Corbin says the utilities would serve the shopping center.
Boerne is a growing San Antonio suburb, popular in part because of the drive to the city is on I-10. "It's very sought after community," Corbin says. "You can commute to San Antonio very easily. They've got a good school system. So it's getting a lot of attention." The city grew from a population of 4,274 in 1990 to 6,178 in 2000, according to the US Census.
Corbin says the asking price for the shopping center parcel is $5 per sf. "It's a hard corner off I-10 with a four-way intersection," he says. "It's ideal for a small community center with pads." Corbin acted on Lewis' behalf on the sale of the land to Centex. Bob Richardson of Dallas acted for Centex.
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