Walmart Purchases 58,000 Square Ft Anchor in Plano

Soon to be a Neighborhood Market: Wal-Mart snags the 58,000-SF anchor at Preston Parker Shopping Center.

PLANO, TX-Wal-Mart Stores Inc. has acquired the 58,000-square-foot anchor space at the Preston Parker Crossing shopping center. The Arkansas retail giant will put a Neighborhood Market store in the space, which it acquired from Centennial Real Estate Co.

Located at 3312 Preston Rd., the shopping center's tenants include Anamia’s Tex-Mex, Horchow Finale, Legacy Bank and Jason’s Deli. John Zikos, Tonya Hagood and Chris Booras of Venture Commercial represented the seller in the transaction. Kent Stainback and Mark Parks of Stainback Organization represented Wal-Mart.

The space was once home to Albertsons, but when the Idaho grocery retailer downsized, it was sold to developer Centennial Real Estate. Zikos and Bryan Cornelius, also of Venture, then represented Centennial in a lease to Sunflower Market, which was acquired by Sprouts in 2012. During the sale to Wal-Mart, Venture helped finalize the negotiation of the lease termination agreement between Sprouts and the space's new owner.

“This sale is indicative of the high volume of grocery activity we are seeing in the Dallas-Fort Worth market,” says Zikos in a press release. “We expect to see this trend heating up in 2013.”