The final takedown is 11 acres along North Freeway between West and Fallbrook roads in Greens Landing. The 23,282-sf dealership building and land are assessed at $3.4 million, but the developer says he didn't pay that price for the property.
Jim Wallace, the firm's president, bought two tracts directly from the former owners and negotiated the purchase of a third with Clay Peeples of Boyd Commercial in Houston. Wallace says he's in a position that he doesn't have to wait for approval from a lender or secure interest from a prospective tenant to pursue a development site. "We have the freedom to pursue a deal when we see a great location," he says. "We don't need to pre-lease in advance."
With the land locked down, Wallace tells GlobeSt.com that the team's jumped into negotiations with several national retailers for the power center project. "We're considering three to five big box retailers and several pads that could include a bank and fast-food restaurants," he says. The immediate area already is home to large-scale formats like a Wal-Mart Supercenter, Office Depot and Home Depot.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
