Scholl tells GlobeSt.com that the cost of the redevelopment is still being hashed out. "We don't even have totals yet. It's almost impossible to say how much it will cost right now," he explains. However, it is worth noting that Macerich, which owns 12 centers in the Phoenix area, has made significant investments in redevelopment including the $200-million redevelopment of Queens Center in Elmhurst, NY. The Biltmore project is scheduled to begin early next year and continue through late 2006.

10,657-SF Retail Asset Snares $463 Per SF RICHARDSON, TX-The Dallas developer gets an offer that beats the asking price in a 10-day marketing of a Quik-Way Center on 1.7 acres at a primary junction. The San Francisco buyer gets three tenants, all guaranteed to be in place for the long term.Connie Gore RICHARDSON, TX-A private investor from San Francisco has shelled out $463 per sf for a 10,657-sf Quik-Way convenience store at the hard corner of a primary intersection.

The Quik-Way center at 3601 N. Jupiter Rd. in Richardson was on the market 10 days when the seller, also the developer, took an offer that beat the asking price, Jason Vitorino with Marcus & Millichap in Dallas tells GlobeSt.com. "They came in all cash and no financing," he says, adding the buyer's plan is to park the cash for a few years and "then cash out." The asset sold with a low 8% cap rate.

Vitorino says his last 10 deals have traded to California buyers. "Texas buyers are being drastically outbid," he says. "California buyers are selling apartment complexes and coming here and buying double and triple the real estate."

The Quik-Way center is positioned on 1.7 acres at the southwest corner of Jupiter Road and Texas 190. The convenience store was built in 1996 and inline shop space added on each side in 2002. Vitorino says Subway and Comet Cleaners are holding 10-year leases for their spaces and Quik-Way is tied to a 15-year pact. The Dallas seller, he says, clearly "was taking advantage of market conditions" to get top price for the development.