Frisco shopping center gets $25M construction loan
Centergy Retail is building the Lexington Village retail center
The developer of a planned shopping center in Frisco secured financing for the project.
Dallas-based Centergy Retail is borrowing nearly $25 million in construction financing from North Dallas Bank & Trust to build the Lexington Village retail center, the Dallas Morning News reported. Northmarq secured the loan for the developer.
The 90,000-square-foot shopping center will rise on 15 acres at the southwest corner of Coit Road and Eldorado Parkway. A Tom Thumb grocery will anchor the shopping center.
“A number of nationally-recognized tenants have already drafted letters of intent to occupy the development upon completion,” Northmarq wrote in a statement.
The property used to be part of Frisco’s Brinkmann Ranch.
Landon Development bought 637 acres of the former ranch in 2020 for a $1 billion residential and commercial community development. It’s set to have 2,500 single-family homes as well as 2,200 multifamily units. Plans also call for schools, parks and an amenity center. Toll Brothers is also building homes there, and Trammell Crow Company is building apartments.
Other recent retail news in Dallas shows highs and lows.
An iconic shopping center in Dallas was taken over by its lender last month in a sign of the struggling post-pandemic retail market. A unit of Metropolitan Life Insurance took over the deed to the Dallas Galleria, as well as Westin Galleria Hotel shortly before Christmas.
MetLife reportedly held over $315 million in loans on the Galleria dating back to 2014. The 1.9 million-square-foot center was originally developed by Hines Interests Limited Partnership in 1982 — the height of American mall culture. Then-named the Dallas Galleria, it cost at least $400 million — $1.16 billion adjusted for inflation — to build, ranking it as one of the most expensive construction projects that year, following Walt Disney Epcot Center.
Back in October, GDF Properties closed a deal on the 232,428-square-foot, Target-anchored Lewisville Towne Crossing on 4740-4866, TX-121. The financial terms were not disclosed and the seller requested to remain anonymous. Sitting on over 27 acres, the Lewisville retail property is located between the rapidly growing neighborhoods of Lewisville and the commercial corridor of The Colony, another Dallas city near the active Sam Rayburn Tollway.
— Victoria Pruitt