Lionstone Investments and PegasusAblon announce the sale of Preston Park

August 24th, 2015 by Jessica MacDonald

DALLAS, Texas – August 24, 2015 – Lionstone Investments, the Houston-based national real estate investment firm, and Dallas-based real estate developer PegasusAblon announced today the sale of Preston Park. The 169,842-square foot retail center is located at the corner of West Park Boulevard and Preston Road in Plano, Texas, and is anchored by the upscale grocery concept Market Street, which mixes traditional supermarket supplies with specialty items, gourmet foods, and prepared cuisine.

Lionstone purchased the property in 2013 at 66% occupancy intending to reposition the retail center and lease to maximum capacity. When the sale closed July 31 of 2015, the retail center had less than 10,000 square feet of vacancy, down from 57,700 square feet at acquisition, with 15 new leases signed since purchase.

“We purchased Preston Park believing it had not yet reached its full potential,” said Glenn Lowenstein, Chief Investment Officer, Lionstone Investments. “Our team understood the untapped combination of strong surrounding neighborhoods and demographics and an upscale grocery anchor to successfully entice a number of high-quality tenants to the center.”

“Thanks to an aggressive, strategic leasing strategy and the hard work of the UCR leasing team we were able to increase the value of the Preston Park retail center by successfully realigning the merchandizing mix of the center and signing a high number of strong new tenants,” said Michael Ablon, Principal, PegasusAblon.

PegasusAblon provided asset management services for the property while UCR managed and leased the property with Dan Shoevlin leading leasing efforts. The sale of the property was closed on July 31, 2015 to Phillips Edison & Company.

Click Here to read coverage from the Dallas Business Journal.

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