Overtenanted Frisco Retail Center to Branch Out
- Jun 26, 2015
By Liviu Oltean, Associate Editor
Back in 2011, when Whitestone REIT announced that it had closed on the Shops at Starwood in Frisco, the Class A, 55,385-square-foot retail center was 98 percent leased. With a multitude of tenants never a problem, the center now stands at full occupancy.
No wonder the adjacent 2.73-acre parcel is now making headlines. According to the Dallas Business Journal, Whitestone will add 24,000 square feet of restaurant and retail space and 8,600 square feet of office space to the center. Completion has been slated for the first quarter of 2016.
Seeing that the retail center is located at 6959 Lebanon Road— only half a mile from upscale neighborhoods such as Starwood, Chapel Creek and Stonebriar Park— and that the retail market in Dallas started off the year with a bang, Whitestone’s decision comes as no surprise. Recent CBRE research data showed that the Dallas market experienced the highest net absorption rate for the first quarter in the last 10 years, and it also reached an all-time high in terms of retail occupancy at 92.4 percent.