Lincoln Prepping to Overhaul 180,549-SF, Class A Shopping Center

The renovation of the 17194 Preston Rd. shopping center, taking up 16.2 acres near the corner of Preston and Campbell roads, is the first significant makeover in its 24-year history. "It's well located in a good area. The demographics are good," says David Lewis, vice president of Lincoln Retail Group. "But, we think the shopping center has been overlooked. We think it's a class A center. When we get through, it will stand out."

Lewis says the design by local firm, O'Brien & Associates, calls for stripping off the old canopies, re-facing the buildings, landscaping upgrades and new signs. He says the renovation tab for the diamond in the rough could push seven digits. The project is penciled for a midsummer completion.

Meanwhile, Lewis and associate John Carter have sewed up most renewals coming due this year in the 75%-leased center. The lead tenants, Kroger and Goodfellows Fine Furniture, are in place for the long haul in 63,576 sf and 19,133 sf, respectively. "We've got some other really good tenants that we are trying to get in there," Lewis tells GlobeSt.com. Coming soon is Sheridan's Frozen Custard, which leased a 2,400-sf building that once housed a KFC. Prospects are locked in talks for other vacant out-buildings, one 10,700 sf and the other, 3,500 sf. The center's quoted rate is $16 per sf to $25 per sf net.

The Dallas-based Lincoln, which has been managing the center for several years, got the Preston Trail Village deed in a competitive scenario in late 2005. "Because the owner knew us, knew how we worked and who we were, he felt comfortable entering into a contract with us," Lewis says.

Lewis isn't discussing the sale price of an asset marketed to a select buying group by an independent broker. Based on the $16.9-million assessment by Dallas County, its location and the going price of retail space, the deed is sure to have cost at least $25 million.