Westwood Financial Adds 25th Retail Asset in Texas
- May 08, 2015
Westwood Financial Corp., a national owner and operator of grocery-anchored retail properties, recently acquired its 25th retail asset in Texas. The firm closed on Legacy Ranch, a 95,000-square-foot neighborhood shopping center located at 4851 Legacy Drive in Frisco.
The shopping center was developed in 2004 and was acquired from Folsom Cos. for an undisclosed amount. According to an official press statement, Legacy Ranch is located near Frisco’s “$5 Billion Mile,” renowned for high-profile developments such as the 91-acre Dallas Cowboys’ headquarters; the 242-acre Frisco Station project; The Gate, a $700 million 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. “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.”
Westwood Financial, which owns and operates more than 115 shopping centers and retail properties nationally, was represented in the transaction by Tom Salanty, executive director at Cushman & Wakefield of Texas.