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FRISCO, TX-Using a 1031 Exchange to drive the deal, a California partnership has spent $2.8 million for a 21,331-sf, fully occupied shopping center at a high-traffic intersection in Frisco.

The Frisco South Shopping Center at 8200 Stonebrook Parkway was on the market for about four months at an asking price of slightly more than $3 million, Cheri White, senior vice president of Coldwell Banker Commercial DFW, tells GlobeSt.com. The 17-year-old center was renovated in 1999. It is positioned on about two acres at the crossroads of Preston Road and Dallas Parkway.

White represented the seller of record, Frisco Partners LP, a locally based investment group that bought the center in 1999 specifically for its repositioning value. The buyer, only being identified as a California group, sold a California property for the Texas acquisition. Mark Mason of Marcus & Millichap’s San Francisco office brokered the purchase for the buyer.

The center is filled with community services-type tenants, from doctors to salons. With Frisco’s reputation as the state’s fastest-growing community, it’s no wonder that several would-be buyers tossed a bid onto the table.

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