MIDLOTHIAN, TX-A 560-acre mixed-use development site along U.S. Highways 287 and 67 has been listed for $20 million.
The local owner, Fulson Midlothian Partners LP, spent the past seven years assembling the land and gaining entitlements. The plan calls for a mix of development including retail, hotel, office, multifamily and single-family residential, according to John Barker, vice president of investments and director of Marcus & Millichap Real Estate Investment Services. He and Creighton Stark, a senior associate in the firm's Dallas office, are representing the seller.
The parcel features 1.5 miles of frontage along Highway 287 and half a mile of frontage on Highway 67. It generates combined traffic counts of approximately 131,000 vehicles per day.
Barker tells GlobeSt.com that there is a large amount of commercial development on the other corners of the highway intersection including a new WalMart and La Quinta. This parcel is the only corner without development.
"It's a good location that is very convenient for people to get to," Barker says.
Situated 26 miles south of Dallas and 27 miles southeast of Fort Worth, Midlothian is a growing community, Barker says. "There's been a lot of residential growth here, and there is an opportunity to develop retail and other space to support the growth," he adds.
Barker says the land is listed at just a little more than 82 cents per square foot. "We wanted to be aggressive with the pricing, and in looking at the comps, the land that has sold nearby has been sold at a much higher value," he explains. "I've seen pricing that is double the price of this land."
Fulson Midlothian Partners LP prefers to sell the acreage to one master developer, Barker says, but would be willing to sell it off in pieces. The firm is not opposed to bringing on a joint venture partner to handle the development of the site, Barker says.
The marketing process will not include a call for offers. Barker says the owner plans to take the first solid offer from a credible company.
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© 2024 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.
