Shopping center at SW corner of Lebanon and Ohio sells

A shopping center on the southwest corner of Lebanon Road and Ohio Drive has a new owner.

CBRE financial consulting officials announced the sale of the 29,200-square-foot facility from LandPlan Development Corp. to Shayan Holdings LLC, a Los Angeles-based company.

"Lebanon Ohio Center is an interesting asset," said Jennifer Pierson of CBRE in Dallas. "Because it is just off of Preston Road by about a block, tenants can capture the high-end Frisco shopper without paying Preston Road rental rates."

The purchase price was not disclosed.

The shopping strip is 90 percent occupied and its current businesses include CrossFit Remedy, Spice Bazaar and Arts and Technology Institute.

"This asset is a long-term hold for the purchaser and is well suited as such," Pierson said. "Both the buyer and the seller were pleased with the sale."