Shopping center

Plano mall sold to local investor

A Dallas investor has taken over a Plano mall.

The Park West Plaza at Coit Road and Park Boulevard comprises over 190,000 square feet.

Tenants of the 17-acre mall include Aldi, Elliot’s Hardware, Nadine Floor Company, CiCi’s Pizza, Dairy Queen and Firehouse Subs. The center is 98% leased.

The property has just been 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 Rd. from Dallas to Plano,” JAH Realty General Manager Graham Irvine said in a statement. “We were attracted by the mall’s enduring mix of tenants, combined with the heavy traffic along Coit Rd.”

The purchase was financed by a $22.32 million loan from Southside Bank.

Cushman & Wakefield negotiated the sale by ASG Real Estate Co.

“Park West Plaza is located in a commercially dense area of ​​Plano with traffic of approximately 100,000 vehicles per day and an average household income of approximately $120,000 per year,” said William Rosatti of JAH Realty. “We are convinced that these fundamentals will translate into a high occupancy rate.

“JAH will be announcing rebranding of the mall in addition to renovation plans in the coming months.”

JAH Realty owns and manages 2.6 million square feet of shopping centers in Texas, Oklahoma and three other states. It is a subsidiary of TriGate Capital.

Park West is the company’s 18th acquisition in North Texas.

Its local retail stores include Virginia Square in McKinney, Cottonwood Crossing in Irving, Vineyard Marketplace in Grapevine and Shops at Preston Parkway in Plano.

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