Margaux Development is expected to break ground on the $12 million Plaza del Oro in Cockrell Hill, Texas, on July 1. The 103,500-square-foot center will be anchored by a Centennial Fine Wine & Spirits.
Whitestone REIT has acquired its first Dallas-area retail property, paying $15.7 million in cash for the Shops at Starwood. It also bought an adjacent 2.73-acre undeveloped parcel of land for $1.9 million. The REIT, which could add up to 36,000 square feet of retail and executive office space to the development, funded the land purchase through a loan.
The Hampshire Companies purchased Milford Plaza in Milford, Conn., for about $30 million. The plaza was purchased in a joint venture with Stonemar Properties, a retail real estate firm based on Long Island, N.Y. The 180,051-square-foot shopping center was purchased from Heyman Properties.
Rivercrest Realty Investors has acquired the Hanes Commons Shopping Center in Winston-Salem, N.C., from Hanes Commons LLC for $24.3 million. The 152,000-square-foot center includes Payless Shoes and Vandy Jewelers.
Vestar Development Co. hopes to open the doors to its Oro Valley Marketplace outside Tucson, Ariz., in mid-October. The 800,000-square-foot center will be anchored by a Wal-Mart and a multiplex movie theater.
Dallas-area developers added 4 million square feet of retail last year, local brokerage firm Weitzman Group reported. But development in 2008 will be slower because of the ongoing credit crunch and slow housing market, executives predict.