JAH Realty has closed on yet another Dallas-Fort Worth metro strip mall, marking its 18th acquisition in North Texas.
The latest purchase, Park West Plaza is located on Coit Road and Park Boulevard just up the street from Medical City Plano. The purchase was financed with a $22.32 million loan from Southside Bank, according to the Dallas Morning News.
“Park West Plaza will make our sixth shopping center acquisition in Collin County and our third acquisition along Coit Road from Dallas to Plano,” JAH director Graham Irvine said.
The strip mall sits on approximately 17 acres with 190,000 square feet of retail space. It’s reportedly 98 percent leased with tenants such as Aldi, Elliot’s Hardware, Nadine Floor Company, CiCi’s Pizza, Dairy Queen and Firehouse Subs. Cushman & Wakefield brokered the sale by ASG Real Estate Co.
While not off of any major highway — a rare thing for a DFW property — the strip mall purportedly gets plenty of traffic.
“Park West Plaza is located in a dense trade area of Plano with a traffic count of approximately 100,000 vehicles per day and average household incomes of approximately $120,000 per year,” JAH Realty’s William Rosatti said.
The company says it plans to announce a rebrand of the shopping center and future renovation plans within the next few months.
An affiliate of TriGate Capital, JAH owns and manages 2.6 million square feet of shopping centers in Texas, Oklahoma and three other states. It’s particularly fond of the northern Dallas suburbs. Its other holdings in the area include Virginia Square in McKinney, Cottonwood Crossing in Irving, Vineyard Marketplace in Grapevine and Shops at Preston Parkway in Plano.
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