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California investor grabs Plano retail center
BH Properties acquires Preston Shepard Place near Park Boulevard.
Preston Shepard Place is on Plano Road near Park Boulevard.(BH Properties )
A Los Angeles-based investor has snapped up a large Plano shopping center.
BH Properties bought Preston Shepard Place, a 31-acre retail center on Preston Road in Plano.
Built in 1995, the 361,780-square-foot shopping center at Old Shepard Place is anchored by Marshalls, Burlington and Tuesday Morning stores. The property was just 55% leased at the time of sale due to recent retailer bankruptcies and closings.
The new owner plans to make changes to the shopping venue and increase occupancy over the next 12 to 18 months.