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Frisco shopping center at The Gate becomes latest retail trade

The two-building retail property is part of a $1 billion mixed-use development by the Dallas North Tollway.

An investor has grabbed a Frisco retail center that’s part of a $1 billion mixed-use project.

Frisco-based 3 Pillars Equity purchased The Shops at the Gate, a 16,000-square-foot shopping complex just west of the Dallas North Tollway. The two-building retail center is part of the 41-acre Gate development at the tollway and John Hickman Parkway.

“This acquisition adds to our growing portfolio of commercial property investments and fits well with our strategy of maximizing long-term value for our investors,” 3 Pillars’ Yegnesh Ragi said in a statement.

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The Dallas office of commercial property firm Avison Young brokered the sale. Avison Young’s Michael Kennedy and Darrell L. Betts negotiated terms of the deal, which were not disclosed. The purchase was financed with $4.5 million in debt.

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“Located just north of the Dallas Cowboy’s Star mixed-use development, this property is key to Frisco’s continued meteoric growth, including the new Universal Studios development,” Kennedy said in a statement.

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There is “huge upside of this retail center, with more than one million square feet of office and commercial development slated for the adjacent Dallas North Tollway frontage,” he said.

Both retail buildings are fully leased with tenants including Modern Skin Med Spa, On the Marquee and Christie’s International Real Estate.

The Gate is just north of the 242-acre Frisco Station mixed-use project and across the tollway from the former Wade Park development site. Started in 2014, The Gate is a development of Dubai-based Invest Group Overseas.

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The property that sold is adjacent to apartment and retail buildings constructed in The Gate.

The Frisco retail building purchase is the latest in a series of North Texas shopping center sales.