Preston Park

Preston Park is a 169,842 square-foot retail center located at the corner of West Park Boulevard and Preston Road in Plano, Texas. The property is located in the heart of established neighborhoods boasting strong household incomes and demographics offering tenants a convenient location and strong consumer base.

Plano Market Street is a neighborhood shopping center that is anchored by Market Street. The 94.2-percent-leased center is home to a mix of national, regional and local tenants, including Zoë’s Kitchen, World of Beer, Toni & Guy Academy, Café Izmir and Hyena’s Comedy Club. Plano Market Street is situated on 17.74 acres at 1901-1941 Preston Road in Plano, the fourth largest city in the Dallas-Fort Worth metropolitan area. Located at the southwest corner of Preston Road and Park Boulevard, the property is proximate to residential and community developments and seen from more than 676,000 vehicles per week.

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.

The sale of the property was closed on July 31, 2015 to Phillips Edison & Company.