Sterling Centrecorp US, a subsidiary of Sterling Centrecorp Inc. of Markham, Ontario, kicked off the 7,500-sf project as soon as the ink dried on a $2.7-million loan from New Orleans-headquartered Coastal/Hibernia Bank. Todd McNeill, senior director for Dallas-based Metropolitan Capital Advisors, tells GlobeSt.com that the lead-off financing is an 18-month, interest-only vehicle with a sub-6%, floating-rate interest based on Libor. He says Sterling Centrecorp US, a subsidiary of Sterling Centrecorp Inc. of Markham, Ontario, is planning to roll the initial loan into expanded construction financing when it's time to finish developing the 22 acres at Grand Parkway and Fry Road.

The 63,200-sf, corporate-owned Randall's grocery will break ground in mid- to late 2005 and deliver in 2006. Sterling Centrecorp will begin work on 40,000 sf of inline space when the pre-leasing requirement is met for the Grand Parkway center. McNeill says the phased-in project, being developed by Sterling Centrecorp's Dallas team, will take two years to complete.

The smaller building broke ground as "a function of demand," McNeill says. "Sterling had leases in hand with tenants that wanted to move in." The building is 88% pre-leased to a nail salon, nail salon, veterinarian, dry cleaners and hair-styling shop. McNeill says the building will deliver in 180 days.