Whitestone REIT Buys Metroplex Retail Center
The property is adjacent to the Toyota Stadium, which will serve as a base camp for the 2026 FIFA World Cup.
Whitestone REIT has acquired the 90,391-square-foot, restaurant-anchored World Cup Plaza in Frisco, Texas, in the Dallas–Fort Worth Metroplex.
World Cup Plaza is at the northeast corner of Main Street and Dallas North Tollway, across the street from Frisco Square, a 147-acre pedestrian-friendly, mixed-use development with 1.5 million square feet of office space and 1,400 apartments. Two nearby high schools also help drive traffic to the center.
The center is also adjacent to Toyota Stadium, the home of FC Dallas, the Metroplex’s professional soccer club, playing in Major League Soccer’s Western Conference. The 21,000-seat stadium is currently undergoing a $182 million renovation and attracts more than 1.4 million visitors annually.
The transaction’s dollar value and the identity of the seller were not disclosed, but information provided by Yardi Matrix indicates that the previous owner was Basharkhah Engineering, of Dallas.
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World Cup Plaza was developed in 2007 and currently features a mix of necessity retailers and restaurants that includes Blue Goose Cantina, The Green Gator, The NOW Massage, Hikari Sushi & Grill, Lemma Coffee Roasters, Rotate Bar & Kitchen, Frisco Soccer Association and Wells Fargo.
A review of the center’s marketing brochure indicates that it’s about 14 percent vacant.
In prepared comments, Whitestone CEO Dave Holeman referred to the transaction as an opportunistic acquisition.
Whitestone focuses on open-air shopping centers in Texas and Arizona and also owns four other shopping centers near World Cup Plaza: Headquarters Village, The Shops at Starwood, Lakeside Market and Eldorado Plaza.
Good signs at midyear
The Dallas–Fort Worth retail market has been seeing an increase in net absorption, with a 10-basis-point decline in overall vacancy in the second quarter, according to a report from Partners Real Estate. In line with regional retail trends, the research study noted that the 4.8 percent vacancy “remains low compared to historical highs between 9 percent and 10 percent.”
Net absorption in the second quarter hit 1.1 million square feet, as Far North Dallas was one of the submarkets that contributed the most. Leasing was substantial, at 2.2 million square feet, a 7.3 percent increase from the first quarter.
Whitestone added to its Arizona portfolio in April 2024 with the acquisition of Scottsdale Commons, a 69,482-square-foot shopping center in Scottsdale, Ariz. C&H Development sold the center for $22.2 million, in an all-cash deal in which CBRE Senior VP Joseph Compagno and VP Benjamin Farthing represented both parties.
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