Black Lion Investment Group (“Black Lion”) is pleased to announce the sale of the Plano Crossing retail shopping center, encompassing nearly 12,000 square feet of freestanding retail space along the “$5 Billion Mile” in Plano, Texas. The commercial property at 8908 Ohio Drive sold to an undisclosed buyer on September 2 for $3,400,000, about $285 per square foot. The transaction is the latest in a series of sales of retail centers by Black Lion and is the last parcel within the Plano Crossing to be sold since Black Lion redeveloped the property.
The restaurant tenants also benefit from the parcel’s proximity to nearby retail demand drivers such as Home Depot, Walmart Supercenter, Sam’s Club and the entire Stonebriar Centre, a 1.6 million square foot shopping mall with 165 tenants. Traffic counts on Highway 121, which the Plano Crossing shopping center is situated along, exceed 167,000 vehicles per day.
Rivani added, “This sale allows Black Lion to further our current investment strategy in other regions of the country where we will reinvest the proceeds into high-profile retail and hospitality projects, adding to our rapidly-growing portfolio of trophy assets that match our long-term creative vision.”
Brokers affiliated with CBRE’s Dallas-McKinney office facilitated the transaction and identified the buyer seeking a Class A retail strip center in high-performing Plano submarket.