Plano Retail Sites Trade; Trammell Crow Plans Furniture Store Redevelopment
- Apr 10, 2012
Trammell Crow Co. reportedly has plans to redevelop the former Robb & Stucky Furniture retail site, at the southeast corner of the Dallas North Tollway and Legacy Drive, and transform it into two Class A office towers. The towers will together total between 400,000 and 500,000 square feet.
The Dallas Morning News reported in March that Robb & Stucky liquidated all of its stores after filing for bankruptcy in February 2011. The company had been in business for 95 years.
According to the Dallas Business Journal, an affiliate of Trammell Crow formed a joint venture in March with One Liberty Properties Inc., the owner of 7240 North Dallas Parkway in Plano, to redevelop the property. The latter has nearly 100 assets in 29 states, including retail, industrial, healthcare and office properties.
According to the publication, a filing with the Securities and Exchange Commission states that the redevelopment of the site is subject not only to securing equity and debt financing but also to tenant commitments and third-party approvals. But studies show the West Plano – Frisco submarket has a high demand for office space.
Another retail sale in Plano was that of Legacy Drive Village, a 138,154-square-foot community shopping center, to a pension fund for an undisclosed sum. The deal was brokered by The Weitzman Group, its 42nd retail project deal in the past 12 months, according to the Dallas Business Journal.
Developed in 1994 by Cencor Realty Services, the shopping center is anchored by a Kroger Signature store, and also includes Mooyah Burgers & Fries, AAA Texas and Dunkin’ Donuts. Weitzman will continue to lease and Cencor to manage the center.
Photo of Stacy Furniture Property in Plano, courtesy of One Liberty Properties website