Press

June 07 , 2005

Developer Ready to Roll Out $8M Preston Road Retail Project

Developer Ready to Roll Out $8M Preston Road Retail Project

June 7th, 2005 - By Connie Gore PLANO, TX - A Carrollton developer is forging ahead on an $8-million shopping center in North Plano after picking up the deal in recent months from a peer who's now focused on medical office development. Ground will break in the coming months on the first phase to the 9.5-acre Preston Creek Shopping Center. ASG Real Estate Co. will start with 33,000 sf in four buildings on 4.3 acres at the southwest corner of Preston Road and McDermott Drive. The second phase will contain 45,850 sf in three buildings on 5.2 acres. Mitch Traub, senior vice president, with the Retail Connection in Dallas, tells GlobeSt.com that he and colleague Wyatt Russo have preleased 3,100 sf to Pei Wei's Asian Diner and 7,000 to a day spa operator as anchors for Preston Creek Shopping Center. The team's also signed or negotiating with Masala Walk, TMobile, Berryhill Baja Grill, UPS Store and Jersey Mike's Subs. If all pending deals get signed, the project will be 60% preleased before ground breaks, according to Traub. The class A retail space is on the market for $25 per sf to $30 per sf. Traub says ASG Real Estate picked up the land about four months ago from locally based Golan Construction, which bought the site a year ago for a retail project. The Retail Connection team was kept in place to prelease the development, designed by Michael Twitchell Architects of Dallas. ASG has tapped Alshall Construction Co., also a Dallas firm, as general contractor.