Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

FRISCO, TX-An Englewood, CO retail investment group has staked its second claim in the Greater Dallas metro in a plan to spend $250 million within one year to 18 months. Sources say the newest prize, the 180,772-sf Shafer Plaza, has sold for $42 million due to a gateway location at the 1.2-million-sf Stonebriar Centre.

GDA Real Estate Services LLC, which also owns Pipeline Village in Hurst, was one of a select group of buyers invited to compete for the four-year-old Shafer Plaza at 2943 Preston Rd. Corey Duhon, vice president of leasing for Dallas-based Shafer Property Co., tells GlobeSt.com that repeated unsolicited offers for the 22-acre gateway retail prompted the decision to alter the developer’s MO and sell the real estate.

“We cashed out because of the opportunities that are available and the prices for retail that’s out there,” Duhon says. As a result, he says Steve Shafer is in talks to sell a couple more, with GDA admitting its part of the chase, in a bid to build his own equity pool. “It will free Steve up to do more and bigger deals,” Duhon adds.

The privately funded GDA, fueled by US investors, wants to acquire 10 to 15 more properties in the region in the coming year, says its president, Gary J. Dragul. He’s eyeing properties up to 200,000 sf in a $10-million to $80-million bracket, with the capability to deliver the deal most often with a 10-day due diligence. “We do what we say we’re going to do,” he says. “Our sweet spot is a great location and reasonable value, the best property on the block. We are totally location driven.” And, he adds, “we hold forever.”

GDA will keep the Shafer Plaza name on the marquee. The buyer’s sister company, ACF Property Management, took over the 98%-leased asset when the deal closed. A leasing agent has yet to be put on the ground.

The Shafer Plaza story is well-known in local circles because the developer bought the dirt, paying a higher than usual price, in September 2001. “It takes a lot of guts and vision to do what Steve did there,” Duhon stresses. The development also got hit with an Ultimate Electronics store shutdown. The 30,000-sf spot has since been backfilled by Shoe Pavilion.

Shafer Plaza was developed with four pad sites. Only the multi-tenant omni building was included in the sale. As for the lease rollover, there’s little work to do this year, according to Duhon.

Greg Pierce and David English, both executive vice presidents for Colliers International Inc. in Dallas, and Lisa LaManna, senior vice president, represented Shafer. Jason Vitorino with Marcus & Millichap Real Estate Investment Brokerage Co. in Dallas brought GDA to the table.

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?


GlobeSt. NET LEASE Fall 2021Event

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 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.