JAH Realty announces the acquisition of Preston Parkway Center, a 62,394 square foot shopping center located on approximately 7 acres at the northwest quadrant of Preston Rd. & W. Plano Pkwy in Plano, TX. The acquisition closed on December 15, 2021. The 79% occupied center includes tenants such as Red Hot & Blue, Einstein’s, Dogtopia, Honey Baked Ham, Ben & Jerry’s and Kumon Math. The seller of the property was Great Gulf, based in Toronto, and the sale was brokered by John Freese & Associates, based in Dallas.
Graham Irvine of JAH commented: “Preston Parkway Center is located on one of the most dynamic retail corridors in the country, Preston Rd., and Plano is one of the premier municipalities in the United States. JAH Realty has continued interest in expanding its footprint in Collin County, TX, and we are excited to have completed this transaction as a long-term investment. We will announce a rebrand of the shopping center and renovation plans in the New Year.”
JAH Realty, L.P. wholly owns and manages a shopping center portfolio of 2.4 million square feet in Dallas-Ft. Worth and Oklahoma City, and additionally manages a 1.6 million square foot portfolio in four other states on behalf of TriGate Capital (an affiliated company).
“The Shops at Preston Parkway” is exposed to approximately 100,000 vehicles per day and is supported by average household incomes exceeding $120,000 per year, which we are confident will translate to positive absorption in 2022. The shopping center is positioned on the northwest quadrant of Preston Road and W. Plano Parkway, directly across the street from the Baylor Scott & White Medical Center, one of the largest hospitals in the metroplex. Our design team is currently working on architectural renderings with a focus on marketing a 12,180 sq. ft. outparcel building to medical and service users. We anticipate completion of this work by mid-year 2022,” said William Rosatti of JAH.
William Rosatti with JAH will handle the leasing of the shopping center and can be reached at 214-220-0274 or william.rosatti@jahco.net.
For more information, please visit the JAH Realty website at www.jahrealty.net.