Jeff Hanson, president and CEO of Triple Net Realty Inc., tells GlobeSt.com that there is no formal deal for the as-yet undeveloped expansion, but the Santa Ana, CA-based investment group certainly is aware of the plan by Hunter Equities Inc. for a second phase at the intersection of Interstate 635 and Olympus Boulevard. The acquisition at 1800-2280 Marketplace Blvd. is the beginning of a push to return to the retail-buying arena after four-year lull and selling all that Triple Net accumulated between 1998 and 2000, he says.
The 11.3-acre Hunter Plaza, developed last year, is bisected by Olympus Boulevard, with a Best Buy-anchored strip totaling 61,864 sf on the east side and a 24-Hour Fitness-anchored strip with 44,000 sf on the west side. The developer's unsold and vacant tract, capable of supporting another estimated 80,000 sf, abuts the western side of the Best Buy strip.
"It was very aggressively pursued," says Adam Howells, managing director with Holliday Fenoglio Fowler LP, adding a dozen to 14 offers went on the table for the class A prize in a 30-day marketing. The Dallas-based seller didn't intend for the shopping center to be a merchant build, he explains, but options had been kept open from the onset. "Hunter Equities is a very entrepreneurial company. They pay attention to investors. Their objective was to build a quality project and if the right deal came along," he says, "they'd sell it and if not, they'd hold it."
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