Walmart has purchased the anchor building in Plano, Texas’ Preston Parker Crossing shopping center. The retail giant will open a Neighborhood Market store in the 58,000-square-foot building, which sits on six acres at 3312 Preston Road on the northeast corner of Preston and Parker Road. The shopping center’s other tenants include Anamia’s Tex-Mex, Horchow Finale, Legacy Bank and Jason’s Deli.
Venture Commercial represented the seller, Centennial Real Estate Company in the transaction. The Stainback Organization represented Walmart. “This sale is indicative of the high volume of grocery activity we are seeing in the Dallas-Fort Worth market,” said John Zikos of Venture Commercial. “We expect to see this trend heating up in 2013.”
The Venture team has been involved in a series of transactions related to this building in recent years. Zikos, who along with Christopher Gibbons represents Albertsons in the disposition of their North Texas stores, initially represented Albertsons in a sale of the building to developer Centennial Real Estate. Zikos and Bryan Cornelius, also of Venture, then represented Centennial in a lease to Sunflower Market, which was acquired by Sprouts in 2012. During the sale to Walmart, Venture helped to finalize the negotiation of the lease termination between Sprouts and Walmart.