The acquisition and development of 4.16 acres (Selling 1 acre simultaneously at closing) into a 14,659 s.f. retail center (including additional 2,000 s.f. of patio space, which leaves +-40,000 s.f. pad to the north of center which will be sold, or developed into another smaller retail center). The property is located at the SW Quadrant of Park Blvd. and the Tollway in Plano, TX. The property is shadow anchored to CostCo (Seller of Property) and Home Depot. The subject area has over 95% occupancy with rents ranging from $35-42/psf NNN at comparable properties.
The intersection of the Dallas North Tollway and Park Blvd. has become one of the busiest in the DFW metroplex. Not only is this Costco one of the strongest stores in Texas but the intersection is also home to a very successful Super Target, Super Wal-Mart, Home Depot, and finally Willow Bend Mall anchored by Neiman Marcus, Macy’s, Dillard’s, and Crate and Barrel. The access back to Park Blvd from the site is easy and has been in use for years by all the patrons of Costco.
The Dallas North Tollway has over 131,000 vehicles per day passing the site, and Park Blvd. has over 38,000 vehicles per day.