$42M Gateway Retail Sale Just the Beginning

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FRISCO, TX-An Englewood, CO retail investment group has staked its second claim in the Greater Dallas metro in a plan to spend $250 million within one year to 18 months. Sources say the newest prize, the 180,772-sf Shafer Plaza, has sold for $42 million due to a gateway location at the 1.2-million-sf Stonebriar Centre.

GDA Real Estate Services LLC, which also owns Pipeline Village in Hurst, was one of a select group of buyers invited to compete for the four-year-old Shafer Plaza at 2943 Preston Rd. Corey Duhon, vice president of leasing for Dallas-based Shafer Property Co., tells GlobeSt.com that repeated unsolicited offers for the 22-acre gateway retail prompted the decision to alter the developer’s MO and sell the real estate.