Hurley says four retailers are now vying for Vista de las Campanas' two key spots to kick off the full-body makeover. "If any one hits, we'll start on the redevelopment phase," he says. Two grocers are pitted against each other for a 46,000-sf spot and two soft-lines retailers are jockeying for the 20,000-sf junior anchor opening. "We are on pace to begin construction at the end of June or early July," Hurley says.

Hurley explains that he looked at the nearly empty shopping center and saw another Sierra Vista, which was a 140,000-sf inroad into the Hispanic market that he and his former partner developed in Oak Cliff. "Everybody looks at these as challenges. I see them as a Sierra Vista in waiting," he says.

As for European Crossroads, Hurley says he expects to have all joint venture terms ironed out with a private investor from Fort Lauderdale by late third quarter. Plans are still being fine-tuned, but he expects the shopping center will be about 75,000 sf when the redevelopment is done.

[IMGCAP(3)]The Famsa buy fits Vista's strategy in that it creates another bond with the Hispanic retail sector although it's a single-tenant, net-leased asset and not tied to Hurley's specialty, which is development and redevelopment. Hurley says its ranking as the 37-store chain's leader in gross sales and "no big field of parking" was the drawing card for the infill buy.

Underwriting the purchase from locally based Lincoln Property Co. is Famsa's 20-year lease with 18 years left on the term, Hurley says. "That was just bought for investment purposes," he adds.

To help advance Vista's growth, veteran Marion Hicks has been brought on board as director of acquisitions and project financing. The hire pushes Vista's team to nine, all "cornerstone-type people in each of the principles," Hurley says. "Our plan is to build a substantial portfolio and when we're done, then we'll look at what's the best thing to do [hold or sell]."