32-Acre Sale in Midlothian Leads to New $55M Shopping Center
Construction is slated to begin in March on a $55M, 53-acre regional shopping center named Midlothian Towne Center. The retail hub will be anchored by Kroger Marketplace and there’s talk of other big-box retailers planning to lease space as it comes available. The shopping center will also feature an additional 10 pad sites for retailers and restaurants. A targeted completion date is set for April 2017. NOVUS Realty Advisors’ Renzo Cella (with his wife, G) repped the seller in the disposition of a 31.75-acre parcel on the southeast corner of Hwy 287 Bypass and FM 663, which will be part of the shopping center to be developed by Weber & Co (which also bought the land).
Renzo is very familiar with Midlothian after working more than $20M in gross sales of land, multifamily properties and industrial buildings within Midlothian proper in the past decade. Earlier this year, Renzo repped the seller in the disposition of 185 acres directly south of Midlothian Towne Center to Alluvium Development, which is developing 300 single-family home lots to be built by First Texas Homes and another area builder. Renzo tells us Midlothian is one of the next great suburban submarkets with convenient access to downtown Dallas and Fort Worth; the opportunity for growth and development is fueled by huge underlying support from the City of Midlothian, too, which was instrumental in the completion of the shopping center deal, he tells us.