A Dallas investor has snapped up a Plano shopping center.
The Park West Plaza at Coit Road and Park Boulevard includes more than 190,000 square feet of space. Tenants in the 17-acre retail center include Aldi, Elliot’s Hardware, Nadine Floor Co., CiCi’s Pizza, Dairy Queen and Firehouse Subs. The center is 98% leased.
The property just sold to Dallas-based investor JAH Realty.
“Park West Plaza will make our sixth shopping center acquisition in Collin County and our third acquisition along Coit Road from Dallas to Plano,” JAH Realty managing director Graham Irvine said in a prepared statement. “We were attracted to the durable tenant mix at the shopping center combined with the significant traffic along Coit Road.”
The purchase was financed with a $22.32 million loan from Southside Bank.
Cushman & Wakefield brokered the sale by ASG Real Estate Co.
“Park West Plaza is located in a dense trade area of Plano with a traffic count of approximately 100,000 vehicles per day and average household incomes of approximately $120,000 per year,” JAH Realty’s William Rosatti said. “We are confident these fundamentals will translate to a high occupancy rate.
“JAH will announce a rebrand of the shopping center in addition to renovation plans in the months to come.”
JAH Realty owns and manages 2.6 million square feet of shopping centers in Texas, Oklahoma and three other states. It’s an affiliate of TriGate Capital.
Park West is the company’s 18th acquisition in North Texas. Its local retail holdings include the Virginia Square in McKinney, Cottonwood Crossing in Irving, Vineyard Marketplace in Grapevine and Shops at Preston Parkway in Plano.