Shopping center

Houston Investor Takes Over Plano Mall Next to New HEB

A Houston real estate investor has snapped up the Plano Mall which sits right next to one of the first grocer HE-B stores in North Texas.

Whitestone REIT has purchased Lakeside Market, a 163,000 square foot shopping center on Preston Road, south of Spring Creek Parkway. It is next to the HEB grocery store which has just been built and which will open at the end of 2022.

“We are very pleased to announce that we have acquired this exceptional property as it kicks off the reactivation of our strategic growth plan and meets our criteria of key markets, strategy, strengths and attributes,” said Whitestone CEO Jim Mastandrea in a statement. “Adding Lakeside Market to our portfolio of community-focused properties will be our first acquisition since the onset of the COVID-19 pandemic in March 2020.

“We see a strong value-added opportunity with the property’s additional sites permitted for development, rental potential and lease escalations incorporated.”

Lakeside Market is just over 80% leased. It was built in 1999.

The property was sold by Dallas-based investor TriGate Capital.

The mall’s tenants include restaurants, salons and fitness businesses.

San Antonio-based HEB last month opened its 110,000-square-foot Plano store on Preston Road — one of the company’s first outlets in the Dallas-Fort Worth area.

Whitestone REIT owns nine properties in North Texas with over 830,000 square feet.

The real estate investment trust said its purchase of Lakeside Market is expected to generate revenue of $2.3 million for the remainder of 2021 and $5.2 million for 2022.

Mastandrea said Whitestone REIT is planning further real estate purchases in the area.

“With the completion of this acquisition, we will continue to advance our due diligence on our extensive portfolio of other high-quality, targeted properties,” Mastandrea said.

Rendering of the HEB store in Plano slated to open Fall 2022 at the southwest corner of Preston Road and Spring Creek Parkway. The Lakeside Market mall is just to the south.