ALLEN, Texas – In a close-out of its land holdings, LFP Real Estate LP has sold 8.44 acres to a retail developer who persevered for three years to win the site – a hard corner at a major intersection in one of Collin County's booming suburban cities.
The just-sold land is located at the corner of East Bethany Drive and South Greenville Avenue. The buyer, Bethany at Greenville 2017 LP, is planning to develop a QuikTrip service station, convenience store and mini-warehouse storage units.
The site has been under contract for three years while both sides diligently worked to secure a zoning variance for retail use of the industrial-zoned vacant tract. During the life of the deal, 16 contract amendments were needed.
"We're glad to get this transaction done. If it had been other parties, it might not have happened," Susan Singer, executive vice president of Dallas-based Bradford Commercial Real Estate Services, who represented the seller.
LFP Real Estate handles the assets of the prominent Leach family, who once owned close to one mile of frontage from East Bethany Drive to Ridgemont Drive. The QuikTrip's immediate neighborhood will include ColorDynamics Inc.'s printing plant and fulfillment center, the city of Allen's municipal service center and several retail projects.
Allen's population of nearly 100,000 has more than doubled since 2000. The average median household income is $107,602 per year. The average age is 35 years and the median price of a home tops $300,000. Adding to its desirability, Allen is situated within a reasonable commute to Dallas and four airports, including DFW International and Love Field.
"We had a lot of interest in this site while it was under contract. This sale is a testament to the commitment of the buyer and the seller," Singer adds.
The buyer was represented by Jim Christon of Christon Co. in Dallas.
February 7, 2018