For more retail coverage, click

PLANO, TX-After catching 15 offers in 20 days, the 42,024-sf Coit Crossing has passed to a US subsidiary of Sterling Centrecorp Inc. in an all-cash trade for close to the $5.4-million ask. The primary hurdle to overcome was related to dry cleaners space in the class A suburban center.

“It would have been a really quick close otherwise,” Jennifer Pierson, first vice president with CB Richard Ellis Inc.’s Dallas office, explains to The hurdle, as Texas brokers are well aware, is due to environmental regulations that take awhile to clear.

The buyer, though, now controls the 3825 Spring Creek Parkway property in Plano, getting upside in a 61% occupancy at a three-year-old center. The 11-tenant roster is a mix of “mom and pop” shops with leases averaging five years. “They’ve got a good lineup, not too much expiring in any one year,” says Pierson, the deal’s sole broker.

Sterling Centrecorp bought the two-building asset, positioned on 4.5 acres at the corner of Coit Road and Spring Creek Parkway, from its Dallas developer, Spring Creek Retail Development Ltd. “They’re very good buyers,” Pierson says, “with a high probability of performing.”

“Coit Crossing is strategically located at one of the busiest intersections in Plano and provides and excellent opportunity through value creation through the lease up of the existing vacant space,” A. David Kosoy, co-chairman and co-CEO of Sterling Centrecorp, says in a press release. The Markham, Ontario-headquartered Sterling Centrecorp made the close with first-mortgage financing totaling $5.2 million.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.