HFF closes sale of grocery-anchored retail center in Plano, Texas
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Plano Market Street, a 169,624-square-foot grocery-anchored shopping center in the Dallas-Fort Worth community of Plano, Texas.
HFF marketed the property on behalf of Lionstone Investments. Phillips Edison Grocery Center REIT II, Inc. purchased the offering for an undisclosed amount. In 2013, HFF brokered the sale of this property to the seller.
The 94.2-percent-leased Plano Market Street is anchored by Market Street. The center is home to a mix of national, regional and local tenants including Zoë’s Kitchen, World of Beer, Toni & Guy Academy, Café Izmir and Hyena’s Comedy Club. Plano Market Street is situated on 17.74 acres at 1901-1941 Preston Road in Plano, the fourth largest city in the Dallas-Fort Worth metropolitan area. Located at the southwest corner of Preston Road and Park Boulevard, the property is proximate to residential and community developments and seen from more than 676,000 vehicles per week.
The HFF team representing the seller was led by senior managing director Doug Hazelbaker and managing director Ryan Shore.
About Lionstone Investments
Founded in 2001, Lionstone Investments is a privately owned real estate investment firm that specializes in researching, conceptualizing and executing national investment strategies on behalf of institutional investors and high net worth individuals. Lionstone bases its investment strategies on proprietary data and ideas centered on the ownership of real estate that serves the most productive segments of the U.S. economy. The company’s current investment programs span the risk spectrum, from core to opportunistic, and are often customized with consideration given to market opportunities and the structure its investors desire. For more information, please visit www.lionstoneinvestments.com.
About Phillips Edison Grocery Center REIT II, Inc.
Phillips Edison Grocery Center REIT II, Inc. is a public non-traded real estate investment trust that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. As of August 5, 2015, the company owned and managed an institutional quality retail portfolio consisting of 37 grocery-anchored shopping centers totaling 4.1 million square feet of gross leasable area. For more information on the company, please visit the website at www.grocerycenterREIT2.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.