Steve Lipscomb
A new Dallas development group is gearing up to build shopping centers.
LRIC Properties plans to develop retail projects in North Texas.
The operation is headed by longtime Dallas commercial real estate exec Steve Lipscomb who was most recently with investor Velocis Fund .
“We’ve had this amazing job growth and population grown and new housing and a relative lack of new retail development,” Lipscomb said. “The opportunities here in Texas are as good as I’ve seen in my career.
“There have been very few retail projects done since 2007.”
LRIC plans to work on building both grocery anchored neighborhood shopping centers and larger “power” centers with multiple big box stores.
“We will identify the sites and then attract the tenants,” Lipscomb said. “We will focus on where the new housing has been built.
“We’ll go out to the new developments.”
Lipscomb said the company is looking to buy five to eight acre development tracts for most of its deals.
Brad Kempson, formerly with Retail Advisors and Archon Group, is joining Lipscomb in founding the new firm.