A Houston property investor has grabbed the Plano shopping center that’s next door to one of grocer H-E-B’s first North Texas stores.
Whitestone REIT bought Lakeside Market, a 163,000-square-foot retail center on Preston Road south of Spring Creek Parkway. It’s next to the H-E-B grocery store that just broke ground and will open in late 2022.
“We are very pleased to announce that we have acquired this exceptional property as it launches the reactivation of our strategic growth plan and meets our criteria for core markets, strategy, strengths and attributes,” Whitestone’s chief executive officer Jim Mastandrea said in a statement. “The addition of Lakeside Market to our portfolio of community-focused lifestyle properties will be our first acquisition since the COVID-19 pandemic began in March 2020.
“We see strong value-add opportunity with the property’s additional pad sites entitled for development, lease-up potential and built-in lease escalators.”
Lakeside Market is just over 80% leased. It was built in 1999.
The property was sold by a Dallas-based investor, JAH Realty.
Tenants in the shopping center include restaurants, salons and fitness businesses.
San Antonio-based H-E-B broke ground last month on its 110,000-square-foot Plano store on Preston Road — one of the first of the company’s outlets in the Dallas-Fort Worth area.
Whitestone REIT owns nine properties in North Texas with more than 830,000 square feet.
The real estate investment trust said that its purchase of Lakeside Market is expected to generate revenues of $2.3 million for the remainder of 2021 and $5.2 million for 2022.
Mastandrea said Whitestone REIT plans other property buys in the area.
“With the completion of this acquisition, we will continue progressing our due diligence on our deep pipeline of other targeted high-quality properties,” Mastandrea said.