The one-year-old Portofino was developed by Jim Fisher and Jefco Development, which is affiliated with the Portofino III project but is not the owner this time around. Scott R. Lynn, principal for Dallas-based Metropolitan Capital Advisors, tells GlobeSt.com that the third phase will be owned by a limited partnership led by Today Realty Advisors of Dallas.

The Portofino is an eye-catching design of 14th century Venetian architecture, the handiwork of Houston's Hermes Reed Architects. Situated on 50 acres, the center has a three-acre waterway with two gondolas. The third phase has been designed by NCA Architects of Dallas.

Lynn says the Portofino is 88% to 90% occupied. The tenant roster includes names such as Stein Mart, Oshman's, Michaels, Dress Barn, Famous Footwear, PetsMart, Old Navy and Conn's Appliances. A Home Depot and Sam's Club flank the shopping center on the southern and northern sides, respectively.

Lynn says the new phase will sit at the gateway to the power center. He says Portofino III has a commitment from the Buca di Beppo restaurant while a major retail player is close to signing on the dotted line.

David Scroggins, construction manager for Today Realty, says the construction loan has an 18-month term. The trio of buildings in the third phase will be completed by year's end, he adds.