Tuesday, October 15, 2013

Houston Based Lionstone Group now Owns Preston Park

Ever shop at United MARKETPLACE at Preston Park in Plano?

The Preston Park shopping center anchored by Marketplace has just recently been acquired by The Lionstone Group, a privately owned real estate investment firm in Houston, Tx.  Lionstone was founded in 2001 by partners Tom Bacon, Dan Dubrowski, and Glenn Lowenstein.  As reported by Steve Brown of the Dallas Morning News this is the first Dallas area shopping center added to its portfolio.

The 169,842-sf Preston Park shopping center is at Park Blvd. and Preston Rd.  Anchored by grocer Market Street, the center built in 2009 is 66 percent leased.  Dallas-based PegasusAblon will handle asset management of the property and United Commercial Realty will lease it.

HFF LP brokered the sale.