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JR3985

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  1. Galleria-area parcel gives developer 'front row seat'

    Nancy Sarnoff

    Houston Business Journal

    Hunington Properties Inc. has captured the what the company calls the "last front row parcel of land" in the Galleria area.

    The Houston-based retail firm, led by Sandy Aron, is developing part of a four-acre tract of land at the southwest corner of Sage Road and West Alabama.

    A pair of shopping centers will be developed on the prime site.

    The larger property will comprise 23,899 square feet. A 9,350-square-foot building will also be developed.

    Letters of intent have been signed with at least five retailers and restaurants to lease the space, says Aron.

    The sales price was not disclosed, but similar tracts in the area have been selling for between $40 per square foot and upwards of $60 per square foot.

    Galaxy Investments sold the land to Aron and a group of investors that make up Shops on Sage Road Ltd.

    When completed in the fall, the shopping center will be surrounded by upscale housing, additional retail, office space and a new hotel.

    An investment group purchased 1.4 acres from Aron's group for a new Homewood Suites hotel. An 11-story building with 150 hotel suites is being earmarked for a site just north of Aron's tract.

    Also, The Morgan Group is nearing completion on a 324-unit, four-story apartment complex at the southwest corner of Sage and Hidalgo. (See "New complex arising on 'other side' of Galleria," Sept. 23, 2002.)

    Meanwhile, the Galleria mall recently added two new anchor stores -- Nordstrom and Foley's -- and more than 200,000 square feet of additional retail space.

    Aron says his project will benefit from traffic patterns that will be

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