The last remaining development site with freeway access in Allen’s Watters Creek at Montgomery Farm development has hit the market. The ±7.69-acre property is located at the southwest intersection of Montgomery Boulevard and U.S. 75, at the southern end of Watters Creek.
The property is zoned mixed use and is being offered for sale by a partnership between PCCP and Trademark Property Company. Chris Harden, Ryan Duffie and Kyle Vinson of Cushman & Wakefield are working with Kevin McGlaun of M4 Realty Advisors to market the property, which is being offered to qualified investors and developers on an unpriced basis.
Watters Creek is a 53.4-acre open-air, mixed-use destination that includes a variety of distinguished amenities including Market Street grocery, lifestyle retailers such as Anthropologie and Kendra Scott, diverse dining options such as The Cheesecake Factory, Mi Cocina and PF Chang’s, Class A office space, outdoor event space, luxury apartments and a forthcoming Aloft Hotel.
Watters Creek is one of North Texas’ most walkable, amenity-rich developments, in the heart of the rapidly-densifying Richardson/Plano submarket. The Dallas Business Journal recently recognized the district as the best mixed-use development in Dallas-Fort Worth in their 2019 Best Real Estate Awards.
“The tract of land would be an attractive location for nearly any type of development, especially as in-fill opportunities in the northern Dallas suburbs have become increasingly difficult to come by,” Harden said. “The explosive employment growth in the northern Dallas suburbs has created unprecedented demand for developable land in strong submarkets like Allen. This phenomenon, coupled with a high-quality, amenity-rich environment like Watters Creek creates a unique opportunity to develop one of the remaining land tracts in this rapidly-densifying, quasi-urban node. We expect this tract to garner interest from most all property types, including office, hotel, medical and residential.”
Allen was recently named the 27th fastest-growing city in the United States. The city has also been ranked the No. 1 Best Suburb for Millennials in Texas, the No. 2 Best Place to Live, the No. 6 Best School District in Texas and the third Best Real Estate Market in the nation. Meanwhile, the city’s employment has grown more than 14 percent in the last three years, with more than 1.5 million workers within a 30-minute drive of the site. As a result, Watters Creek and the immediate surrounding area have experienced explosive residential and Class A office growth, including developments like the recently-announced One Bethany West and single-family residential communities from premier buildings such as Darling Homes and Ashton Woods.
The location of the property along U.S. 75 provides tremendous visibility and prominent signage opportunities with more than 200,000 vehicles traveling the highway every day. The acreage also offers immediate access to Six Cities Trail, a heavily wooded running and biking trail that defines the property’s west border.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.