A Houston real estate investor grabbed the Plano mall next to one of the first HE-B stores in North Texas.
Whitestone REIT acquired Lakeside Market, a 163,000 square foot retail center on Preston Road south of Spring Creek Parkway. It’s next to the HEB grocery store, which has just broken ground and will open in late 2022.
“We are very pleased to announce that we have acquired this exceptional property as it marks the reactivation of our strategic growth plan and meets our criteria for core markets, strategy, strengths and characteristics,” said Jim Mastandrea, Whitestone Chief Executive Officer. in a statement. “The addition of Lakeside Market to our portfolio of community-oriented lifestyle properties will be our first acquisition since the COVID-19 pandemic began in March 2020.
“We see strong opportunities for added value with the property’s additional pad locations that are eligible for development, rental potential and built-in rental escalators.”
Lakeside Market is just over 80% leased. It was built in 1999.
The property was sold by a Dallas-based investor, JAH Realty.
The tenants of the shopping center include restaurants, salons and fitness facilities.
San Antonio-based HEB broke ground last month for its 110,000-square-foot Plano store on Preston Road – one of the company’s first stores in the Dallas-Fort Worth area.
Whitestone REIT owns nine properties in North Texas covering more than 830,000 square feet.
The Real Estate Investment Trust said the Lakeside Market purchase is expected to generate revenue of $ 2.3 million for the remainder of 2021 and $ 5.2 million for 2022.
Whitestone REIT is planning more property purchases in the area, according to Mastandrea.
“With the completion of this acquisition, we will continue our due diligence on our extensive pipeline of other targeted high quality properties,” said Mastandrea.
Rendering of the HEB store in Plano, slated to open in the fall of 2022 on the southwest corner of Preston Road and Spring Creek Parkway. The Lakeside Market shopping center is just to the south.
[ad_1]
