Plano’s Creekwalk Village Snapped Up By Private Investor
Plano’s Creekwalk Village has a new owner. SRS Real Estate Partners’ investment properties group brokered the deal for the 175K SF power shopping center just west of U.S. 75 at 801 West 15th St. in Plano. A private investor based on the East Coast purchased the property in cash for $24.5M.
Many institutional and private buyers submitted competitive offers, according to SRS. The cash transaction allowed for more flexibility with tenancy. The center was built in 1994 on 15 acres and is anchored by Bed Bath & Beyond, Old Navy and Barnes & Noble.
SRS’ Chris Tramontano and John Redfield brokered the deal. SRS mitigated escrow issues such as multiple tenants announcing they would not renew during escrow, along with capital repair estimates that changed the investment. SRS was able to move forward with the original buyer, Tramontano said.
