9-2-2015: TRC Purchases Land at Park and Plano for Hobby Lobby Construction
The Retail Connection Purchases 4.5 acres of Land at Park & Plano Parkway for the construction of a 55k SF Hobby Lobby
The Retail Connection has purchased 4.5 acres of undeveloped land in one of DFW’s most desirable submarkets, boasting some of the strongest demographics in the region. The long-standing undeveloped tract of land sits on the southeast corner of Park Blvd. and Plano Parkway, adjacent one of the highest grossing Petsmart, Home Depot and Costco retail stores in the DFW metroplex.
The Retail Connection has preleased the to-be-constructed 55k square foot store to Hobby Lobby, which has over 600 stores in 45 states nationwide.
Jenny Reynolds, Executive Vice President Brokerage and Chad Bradshaw, Vice President Development handled the land purchase, entitlements, and lease negotiations with Hobby Lobby. The Retail Connection’s construction management group will oversee construction.
The development will be owned as a joint venture between The Retail Connection and Rockstreet Partners. The lender is Inwood National Bank.
About: The Retail Connection, LP
The Retail Connection provides brokerage, advisory, investment and management services through its four statewide offices. TRC represents more than 275 retail and restaurant clients and over 25 million square feet of retail projects. In addition to tenant and landlord representation, the company extends the reach of its clients’ expansion programs through its three investment divisions: Connected Development Services, Connected Acquisition Services and Connected Capital. Focused exclusively on tenant-driven collaborations, TRC joint ventures have acquired, redeveloped and developed over five million square feet of shopping centers to date and has an equivalent amount of projects in its current pipeline. The company is headquartered in Dallas, with offices in Austin, Houston and San Antonio.
About: Rockstreet Partners, LLC
Rockstreet is a middle-market focused real estate firm that strives to create value for investors, the real estate operators with whom it invests, and society at large. This firm’s investment focus is on buying, enhancing and creating income streams through joint venture real estate acquisition, repositioning and new development investments. For more information, please visit www.rockstreetpartners.com.