Preston Creek Shopping Center, a 79,730-square-foot (sf) retail center in north Plano, has been acquired by RPD Catalyst, a nationwide property investment firm. Chris Harden, Kris Von Hohn and Ryan Duffie of Cushman & Wakefield, as well as Samer Keilani and James Hankins of ACR Realty, represented the seller, ASG Realty. The buyer was self-represented.
The shopping center is located at 8300 to 8412 Preston Road in Plano, just south of the intersection with State Highway 121. Several restaurants anchor the property, including Pei Wei Asian Diner, Modern Market, Cowboy Chicken, Turkish Café, Cristina’s Fine Mexican Restaurant and II Brothers Grill & Bar.
Preston Creek is one of the largest unanchored shopping centers in North Texas. The development was built in 2006 by ASG Realty.
Harden said retail rents in the submarket have continued to grow due to the explosive employment growth in and around north Plano. JPMorgan Chase, Liberty Mutual, NTT Data, FedEx, Toyota Motor North America and the Dallas Cowboys have all located within 2 miles of Preston Creek Shopping Center within the past five years.
“This submarket is red hot and continues to attract national and international attention due to the influx of corporate relocations and unprecedented population growth,” Harden said. “Preston Creek will benefit greatly from this extraordinary growth trajectory.”
The buyer, Los Angeles-based RPD Catalyst, owns four other retail properties in Texas, as well as several office and multi-family residential assets. This is the company’s first retail property purchase in the Dallas area.
The sale closed March 28. Terms of the transaction were not disclosed.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.