Land Division lands Prosper's first grocery-anchored development
Sep 9, 2014
United Commercial Development, Terra Verde Group, and Venture Commercial Real Estate today announced a series of transactions that will result in the first grocery-anchored shopping center in the growing town of Prosper.
A grocery store anchor, to be disclosed at a later date, will anchor the 300,000-square-foot center, which will also be the first commercial development at Windsong Ranch, the new 2,030-acre master-planned community that opened in June.
Terra Verde Group, the developer of Windsong Ranch, sold a 46-acre land parcel at the northeast corner of US Highway 380 and Gee Road to United Commercial Development (UCD), led by Robert Dorazil, who partnered with The Kroenke Group on the project. Plains Capital Bank provided financing.
"We are excited to announce the first commercial site within Windsong Ranch," said Craig Martin, Founding Partner of Terra Verde Group. "This convenient grocery location and new retail center will add to the many great features and amenities already in our community and will attract other quality commercial tenants to west Prosper."
Ken Reimer, Edward Bogel and David Davidson, Jr. of Venture Commercial’s Land Division brokered the 46-acre sale between Terra Verde Group and United Commercial Development. The Venture team also represented UCD in the 14-acre sale to a Tier 1 national grocery retailer for a 125,000 square foot store and will assist UCD in securing additional pad users and tenants for the property.
“We are excited to develop this important corner at the front door of the largest residential development in the entire Metroplex, said Robert Dorazil of UCD.
“We continue to see exponential residential growth in Collin and Denton County, creating opportunities for national and local retailers to come in and provide essential services for the residents of growing communities such as Prosper’s new Windsong Ranch,” said Davidson, Jr. of Venture.
Located 30 miles north of Dallas in Collin and Denton Counties, Prosper is home to more than 15,000 people and is growing rapidly, with a projected build-out population of 70,000 residents.
About Terra Verde Group
Prosper-based Terra Verde Group, LLC (http://tvgllc.com) is a real estate investment firm focused on the purchase and development of opportunistic real estate assets. Its principals have decades of combined experience in investments and development in the real estate marketplace and account for more than $6.5 billion of sales in real estate product, with 15,000 acres and 30,000 units under development in Texas, California and Tennessee. Terra Verde combines exceptional architecture, innovative land planning and sustainable principles. Its core philosophy is a commitment to preserve and protect the land while delivering a new lifestyle experience. TVG leverages its proven track record and entrepreneurial creativity to favorably structure acquisitions and deliver outstanding risk-adjusted rates-of-return to investors.
About United Commercial Development
United Commercial Development has specialized in commercial, retail and grocery-anchored shopping center developments and property management throughout the Dallas Fort Worth area for over 25 years. In 2008, Robert Dorazil joined forces with UCD to expand the company’s development operations, and in 2013 Dorazil became President and CEO of UCD focusing primarily on grocery-anchored shopping center developments. Since joining, Dorazil has facilitated the development of approximately one million square feet and UCD continues to be one of the most active grocery anchored developers in DFW with anchors that include Kroger Marketplace, HEB, United Supermarkets – Market Street, Wal-Mart, Aldi and the Highlands East development in South Arlington anchored by Gander Mountain. United Commercial Development, along with United Commercial Realty was founded in 1988 by David Dunning.
About Venture Commercial
Venture Commercial is recognized as a leader in retail brokerage services throughout Texas for its dedication to each client’s success. The company’s full-service real estate platform includes landlord and tenant representation, property management, land sales, disposition and income property sales. Additionally, Venture provides strategic market planning and site selection for restaurant and entertainment clients through its Venturetainment division. As the D-FW partner of X Team International, Venture is able to serve its clients on a national scale. For more information visit www.venturedfw.com.
About The Kroenke Group
The Kroenke Group was founded in 1985 by E. Stanley Kroenke and has been a leader in commercial real estate investment and development. The Kroenke Group is responsible for all aspects of managing the various properties in its portfolio, including leasing, site management, accounting, and in-house legal services for the various properties. The Kroenke Group and its affiliates now own, manage, and operate more than 54,600,000 square feet of commercial property, including shopping centers, residential housing developments, and warehouse facilities in the United States and Canada. In addition to its real estate development activities, The Kroenke Group’s holdings include ranching, professional sports, media, and wine production ventures throughout North America, the United Kingdom, and Europe.