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Pine Tree acquires large DFW retail real estate portfolio

By December 9, 2015February 9th, 2020Acquisitions, Front Page, Joint Ventures, News

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.