A nearly 30-year-old retail center in Frisco has sold in an area known for its upscale customer base.
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Venture Investment Partners sold the nearly 54K SF Preston Stonebrook retail center at 7151-7227 Preston Road to an undisclosed party in a deal arranged by JLL.
Built in 1997, the 93%-leased center counts more than 24K SF of recent leasing activity and tenants averaging over 10 years of tenure, according to a press release.
“With rents currently below market and strong demographics in the trade area, this asset offers significant upside potential for the new ownership,” JLL Senior Managing Director Adam Howells said in a statement.
The property serves an affluent customer base, with average household incomes of more than $158K within a 3-mile radius and a population of nearly 99,000 residents.
JLL’s team representing the seller was led by Howells and Erin Lazarus.
SALES
CanTex Capital acquired a 266K SF Class-A industrial facility in Dallas. The property is located on nearly 21 acres in the Mountain Creek Industrial Business Park. CanTex Capital plans to invest in property improvements, including updates to the roof, warehouse lighting and office space. CanTex Capital partnered with Dallas-based DB9 Capital on the acquisition.
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Marcus & Millichap announced the sale of the 92K SF Van Alstyne Self Storage, located on a nearly 9-acre lot at 15074 N. U.S. Highway 75 in Van Alstyne. Marcus & Millichap’s Brandon Karr and Danny Cunningham represented the seller, a local partnership. The buyer, a Dallas-based private investor, was also secured by Cunningham and Karr.
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Encore Enterprises Inc. purchased a two-story, Class-B medical office building in Dallas. Located at 16980 N. Dallas Parkway, the 61K SF building was acquired at $114 per SF. Built in 1985 and renovated between 2015 and 2017, the building is more than 58% occupied by five tenants. It is situated on more than 3 acres.
Encore financed the $7M property through a bank loan from the Dallas Commercial & Industrial team at Cadence Bank. Encore Enterprises will self-manage the property and relocate its corporate headquarters there.
LEASES
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Billingsley Co. signed Willow Bridge Property Co. to a 39K SF lease at One Arts Plaza in the Dallas Arts District. The firm will occupy the entire 12th floor of the office tower.
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Fort has signed an undisclosed tenant to a nearly 22K SF lease at 275 University Drive in Fort Worth. Fort was represented by Transwestern Real Estate’s Todd Hawpe and Gibson Duwe.
CONSTRUCTION AND DEVELOPMENT
JPI broke ground on Jefferson Kirbybrook, a townhome community in Grand Prairie. The 269-home community is located just off Great Southwest Parkway. The first homes at Jefferson Kirbybrook are expected to be available for lease in early 2026.
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Box Investment Group broke ground on Box 30/360, a 78K SF infill industrial development at 1145 107th St. in Arlington. The Box 30/360 project will feature 15 dock-high doors and one grade-level door all positioned within a front park/rear load configuration. The building will contain 32-foot clear heights and cater to tenants from 22K SF to more than 78K SF.
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Home Depot opened its first location in Anna. The 136K SF building is located at 200 N. Central Expressway within the 115-acre mixed-use Anna Town Center development, the Anna Economic Development Corp. announced. Ordner Construction Co. served as the construction company of the project, and MG2 Architects was the architect. The location opened in late April with a valuation project cost of $14.7M.
PEOPLE
Cushman & Wakefield added Russell Ingrum and Matt Murphy as executive vice chairman and director, respectively. Ingrum also has a leadership role with the firm’s national Office Investment Advisors platform. Prior to joining Cushman & Wakefield, Ingrum and Murphy were part of CBRE’s Texas Capital Markets Institutional Sales team.
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Remington Hospitality promoted Stephen Wittman to vice president of its food and beverage division. Wittman will oversee all culinary and beverage programming across Remington’s properties, leading concept development, brand partnerships, operational standards and team training initiatives. Wittman joined Remington in 2015.
THIS AND THAT
The Sterling Group completed its sale of Dallas-based Artisan Design Group to Lowe’s Cos. Inc.
Artisan Design Group operates 132 distribution, design and service facilities and coordinates installation through more than 3,200 personnel across 18 states.
Centerview Partners LLC acted as lead financial adviser to Lowe’s. Greenhill, a Mizuho affiliate, was also a financial adviser to Lowe’s. Covington & Burling LLP was Lowe's legal adviser. RBC Capital Markets was lead financial adviser to Artisan Design Group. Goldman Sachs and Robert W. Baird also acted as financial advisers to the company, and Latham & Watkins LLP was its legal adviser.
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