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TEXAS/SOUTHWEST NEWS
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Westwood Financial Closes on 95k sf Texas Retail Buy

5/05/15

Legacy Ranch, a 95k sf neighborhood shopping center in Frisco, TX, was purchased by Westwood Financial Corp. The property was acquired from Folsom Companies. The price was not disclosed.

The property, located at 4851 Legacy Dr, becomes the 25th property in Westwood Financial’s Texas portfolio. Nationally, the firm owns and operates more than 115 shopping centers and retail properties.

Legacy Ranch is located a half mile from four major developments along the stretch of road now designated as the ‘$5 Billion Mile’ on Dallas North Tollway between Warren Parkway North and Lebanon Road. These major developments include the 91-acre Dallas Cowboys’ new world corporate headquarters and multi-use event center; the 242-acre mixed-use Frisco Station project; The Gate project, a $700 mil mixed-use development; and the 175-acre mixed-use Wade Park project.

“The city of Frisco is experiencing explosive economic growth and an increasing demand for retail,” said Joe Dykstra, executive vice president of Westwood Financial Corp. “As a core plus property, we acquired Legacy Ranch with a long-term hold strategy in mind. We feel there is an upside in the rents given that the center is uniquely positioned to capitalize on the influx of new traffic from the series of high-profile developments just blocks away from the center.”

Built in 2004, Legacy Ranch serves the surrounding neighborhood of Frisco, one of the high-growth submarkets of Dallas, which boasts a population size of 145,900 and average household income of over $140k. Anchored by Kroger, additional tenants at the center include Wells Fargo, Allstate, Edward Jones and Supercuts.

Tom Salanty, executive director at Cushman & Wakefield of Texas, represented Westwood Financial Corp in the transaction.





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