DALLAS, TEXAS, June 20, 2014 (GLOBE NEWSWIRE) -- Henry S. Miller announces the sale of Preston Trail Plaza to Hopkins Preston Trail Plaza, L.P. "Preston Trail Plaza was a prime example of a well-located shopping center with excellent upside," said Darrell Hurmis, EVP of the Miller Investments-Land Division. Hurmis brokered the transaction from marketing to close.
The Miller Company purchased Preston Trail Plaza in October of 1993 and formed a syndication of equity partners for the property in 1997. The equity partners earned a multiple of 2.64 on their investment. "Preston Trail Plaza was a very successful asset for Miller and our investors for many years. The property generated steady distributions to our equity partners over the term of the investment. We have been fortunate to own this shopping center for many years but, as I have consistently stated, now is the time to sell and deliver a return to our investors," said Greg Miller, President/CEO of Henry S. Miller Companies. Recently Henry S. Miller announced the disposition of Little Elm Towne Center, a 150,000 square-foot shopping center in Little Elm, Texas, which was also a syndication investment of equity partners.
Preston Trail Plaza is a unique community retail center located at the intersection of Summerside Drive and Preston Road in Dallas, Texas. The 95,000 square-foot retail center is prominently situated just minutes south of Frankford Road with more than 1,000 feet of frontage along Preston Road. Preston Trail caterers to a unique mix of quality, local business retailers like: Café De France, Banana Leaf, Marco Polo Florists, Builders Carpet, La Hacienda and more. Hopkins Preston Trail Plaza, L.P. purchased the center for an undisclosed amount and plans to make minimal exterior modifications in the future.
About Henry S. Miller: One Family. One Vision. A Century of Excellence.
Dallas-based Henry S. Miller Companies is one of Texas' largest and oldest independent full service commercial real estate firms. Established in 1914, Henry S. Miller celebrates 100 years of excellence in real estate service. Henry S. Miller was founded on the principles of integrity and service. The same principles that built the Dallas Skyline in the last century will propel the landscape of Texas in the next century.
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Meredith McKee 972-238-7798