Talks Under Way with Retail Prospects for 6.9-Acre Buy

SACHSE, TX-About 6.9 acres in a northeast Dallas suburb, bracing for development sparked by a road completion, will be divided into retail pads and hawked.

Sachse and its neighbor of Wylie are “just exploding,” Tom Grunnah, Henry S. Miller Commercial associate, tells GlobeSt.com. Grunnah represented a group of investors who have bought the acreage on the southeast corner of Texas 78 and Hooper Road. Buddy Wall of Century 21 Judge Fite acted on behalf of seller, Billy C. Nelson. The buy, says Grunnah, represents all of Nelson’s holdings at that corner, which is sure to be a hotspot as Texas 78′s construction progresses.

Grunnah explains that there is a limited amount of commercially zoned property along Texas 78, which crisscrosses both communities where 10,000 building permits have been issued to date this year for residential development. Grunnah currently is negotiating with prospective retailers to buy the pads. The first closings, he says, should come in first quarter 2002. “Interest is high,” he confides.

The limited partnership buyer, consisting of experienced investors, put the acreage under contract in the spring. The asking price at that time was $3.50 per sf.