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The new owner of 64 acres of Arion Park on U.S. Highway 281 is developing a 16.5-acre shopping center there.
To be called Arion Oaks, the center is expected to house one major anchor tenant and perhaps two junior anchors in 160,000 square feet of space, says Rick Carduner, a vice president in the retail division of the local office of Grubb & Ellis. One tenant may be a restaurant, according to a sign at Arion Park. Carduner is handling lease negotiations for Arion Oaks.
Arion Oaks is being developed by a group of Texas investors who have a little more than half of Arion Park, or 64 acres, under contract to buy. Carduner declines to name the investors or reveal …