National Retailers Step Up to Nab Space in Visible Center

Kroger is the latest retailer to purchase space in Rosebriar Prosper Plaza.

PROSPER, TX—Within the development at Rosebriar Prosper Plaza, Rosebriar Properties recently completed an 8,500-square-foot retail strip that is fully leased. Rosebriar will begin development of its next building in the center comprising 8,500 square feet in second quarter 2016. In the latest activity, Rosebriar sold the final tract in the northwest corner of US380/Custer Road to Kroger Texas LP .  Plans are to build a 123,000-square-foot Kroger Market Place. In addition, Lowe’s Home Center LLC purchased 4.4 acres at the northwest corner of US 380/Custer Road within the plaza. Lowe’s simultaneously purchased 7 acres owned by Kohl’s , providing Lowe’s approximately 11 acres total for a proposed home improvement store with a garden center. Ryan Stewart , managing director, Rosebriar Properties tells GlobeSt.com:  “With Kroger’s purchase on Friday, and the adjacent Lowe’s land purchase and construction commencing a couple of months ago, Prosper Plaza at Custer Road and US380 will soon have a critical mass of anchors along with the existing Wal-Mart , making this corner a shopping destination for residents of this entire multi-town submarket of Prosper, McKinney, Frisco and Celina. We have several national tenants already operating and our final building (coming on line this fall) has significant interest from national tenants as well.” Rosebriar acquired the 30 acre property in June 2011 and is nearing completion of the project that will bring in an estimated $45 million in new development to Prosper which includes Taco Bueno, Burger King, Popeye’s, Starbucks, The Sherwin Williams Company, T-Mobile, UPS Store in addition to the proposed Lowe’s Home Center. Rosebriar is under contract on the remaining 15-acre tract on the western portion of the property and will complete the development direction by year end with an additional 8,500 square feet of retail adjacent to Taco Bueno and Burger King, facing US380 and Custer Road. Rosebriar is actively marketing this last tract. Rosebriar’s Bill Hanks along with Stewart negotiated the sale to Lowe’s and Kroger, and Lou Miranda of UCR/CBRE represented Lowe’s and Kohls, while Robert Dorazil of United Commercial Development negotiated the sale with Kroger.