Midlothian, TX - About 15 acres across the street from the future Midlothian Towne Crossing has been purchased by a commercial development company.
MQ Development, represented by Robert Grunnah, principal of NOVUS Realty Advisors, purchased almost 15 acres from Haddock Realty Investors, LP, who was represented in the sale by NOVUS Realty Advisors’ Renzo Cella. The land is located on the southwest corner of the U.S. Highway 287 Bypass and Farm-to-Market Road 663. The announcement
came Thursday afternoon.
About four months ago, Cella also participated in the sale of 32 acres for a Kroger Marketplace regional shopping center named Midlothian Towne Center at the southeast corner of the same intersection. The latest land sold will be developed into Harvest Hill Plaza with pad sites for retailers and restaurants, according to a press release from NOVUS.
“Given its location in the new commercial development hub of north Ellis County, there’s a lot of activity,” said Don Silverman, president of MQ Development, in the press release.
MQ Development Partners specializes in the acquisition and development of retail shopping centers and retail oriented mixed-use projects in select markets in Texas and Florida, according to the company’s website. The MQ group of companies was established in 1991. Land investments focus on superior retail and mixed-use sites based on state and municipal thoroughfare plans and future single family development projections. MQ Development Partners and its affiliates have been recognized by the Dallas Business Journal since 2002 as one of the largest retail developers in North Texas.
NOVUS has been working to sell the property and closed the deal with MQ Development shortly after the Midlothian Towne Crossing deal, Cella said.
“As more and more people move to Midlothian, commercial retail and restaurants are following them,” Cella said.
Given the properties location on the corner of a busy road and highway, the location is a natural place for a mixed use center, he said.
The property is currently zoned as planned development 19, according to maps on the Midlothian city website.
That corner is zoned for commercial retail development, said Kevin Lasher, planning director for the city. The new owners would need to get a site plan reviewed by the development review committee to ensure the restrictions in the PD are being followed before they can obtain a building permit, he said.
NOVUS Realty Advisors, LLC is a commercial real estate firm headquartered in Dallas. The company currently has four other Midlothian properties listed on it’s website, he said, ranging in size from single store lots to areas for larger developments like Towne Crossing.
Source: Midlothian Mirror
