X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FRISCO, TX-A vacant Colter’s BBQ at a four-way suburban intersection, tagged by Ikea Corp. for its first North Texas store, has sold to the first buyer offering cash on the line in a brief marketing period for the $1.9-million listing.

“It’s a hot property right now,” says Stephen Summers with Dallas-based Staubach Co. The sweet spot is the 4,993-sf building sits on nearly an acre on the northeast corner directly in front of Stonebriar Mall and the entrance to the minor league ballpark and Dr. Pepper Stars Center in Frisco. “There are not too many hard corners out there in front of shopping centers,” says Summers, who worked the deal along with Staubach’s Jason Puig.

Handling his side of the talks, CW Kendall of Kendall Land Corp. in Richardson, TX acquired the prized location from McGuire Properties Ltd. of Dallas. Summers tells GlobeSt.com that the sale, marketed without a sign in front of the holding, closed with a 30-day look and a 30-day close.

Now, Summers is shopping the market for a restaurant tenant at a $35 per sf quoted rent, which local sources say is close to what land is bringing in a suburb with fast-rising rooftops, higher than average incomes and family-oriented sports venues as a development linchpin along with a steadily growing base of retail. The franchised Colter’s BBQ at 8210 Parkwood Blvd. was shuttered on the day that the deal closed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.