Thursday, January 14, 2016
Eleven grocery-anchored properties in North Texas acquired
An 11-property grocery-anchored retail real estate portfolio in North Texas has been acquired by an affiliate of Northbrook, Illinois-based Pine Tree Commercial Realty for an undisclosed price.
Each of the 11 sites, all anchored by a Tom Thumb, are located in eight Dallas-Fort Worth area suburbs and totals 768,865 square feet of retail space. CBRE’s Chris Cozby and Chris Gerard represented the seller who remained undisclosed.
“Grocery-anchored retail centers remain the product of choice for most investors. This portfolio was particularly appealing to the market because of the locations of the eleven properties. The centers are located in some of the best suburbs in the Metroplex with stellar demographics—the average household income across the portfolio is $104,000 and the average population is 94,000—which will support steady occupancy over the long-term,” said Chris Gerard, Senior Vice President, CBRE.
The properties include:
Heritage Heights in Colleyville
Park West Plaza in Southlake
Flower Mound Crossing and The Highlands in Flower Mound
Cross Timbers Court in Lewisville
Josey Oaks Crossing in Carrollton
Hunter’s Glen Crossing, Suncreek Village and 14th Street Market in Plano
Shiloh Square in Garland
Pioneer Plaza in Mesquite
Fort Worth Business Press