Highland development continues

8/20/2013

 

Now that Alexander's Market has established itself at the intersection of Highland Road and Old Perkins Road near Interstate 10, additional activity in the surrounding area is accelerating. Last month, two sales of interest closed.

 

Investar Bank purchased a site that fronts on Highland Road at the entrance to the retail development known as Highland Market Drive. Investar purchased its 0.688-acre site July 17 for $25 per square foot.

 

That same day, Summa Professional Office Park purchased a 0.846-acre site that fronts on Highland Market Drive, next to Alexander's Market, for $22 per square foot.

According to George Kurz, who brokered both transactions, the Summa Professional parcel will be improved with an 8,000-square-foot retail building that is 100% pre-leased.

 

Kurz also indicated an additional 1.58-acre parcel fronting on Old Perkins Road was under contract and should close in August. The pending sale will be improved with a 14,000-square-foot center, which is more than 50% pre-leased.

 

Three out-parcels remain, with another 50,000 square feet of retail proposed for the development.