Originally published December 7, 2015 by the Dallas Business Journal
An affiliate of Illinois-based Pine Tree Commercial Realty has acquired an 11-property, grocery-anchored retail real estate portfolio in Dallas-Fort Worth for an undisclosed sum.
The 11-property portfolio totals 768,865 square feet of retail space with each retail center anchored by a Tom Thumb grocery store in North Texas. The properties include:
- Heritage Heights in Colleyville
- Flower Mound Crossing and The Highlands in Flower Mound
- Park West Plaza in Southlake
- 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
On average, the properties are 97 percent occupied. CBRE’s Chris Cozby and Chris Gerard represented the undisclosed seller of the portfolio.
“Grocery-anchored retail centers remain the product of choice for most investors,” said Gerard, a senior vice president at CBRE, in a statement. “This portfolio was particularly appealing to the market because of the locations of the 11 properties.”
Each of the properties are located in suburbs with an average household income of $104,000 and the average population of 94,000, which will support long-term steady occupancy of the properties, he said.