Buyers Aggressively Pursue Location-Rich Centers
DALLAS—With a growing population and resulting incomes in the surrounding area, well-located retail centers are an institutional buyer’s dream purchase. With that type of center in mind times two, a couple of buyers recently purchased Dallas/Fort Worth-area shopping centers for a combined $24 million.
Disney Investment Group closed on Sprouts Village located at 4930 Teasley Ln., a new 46,380-square-foot shopping center anchored by Sprouts Farmers Market located in Denton. Sprouts Village is located at Hickory Creek Road and Teasley Lane, one of the fastest-growing Dallas suburbs. The shopping center sale includes two outparcels with one outparcel leased to Starbucks, with other tenants including T-Mobile, Pet Supermarket and Domino’s Pizza, which is coming soon.
An affiliate of the Inland Real Estate Group of Companies Inc. acquired the center with Matthew Tice of Inland leading the acquisition process. David Disney and Adam Crockett of Disney brokered the sale and worked with DuWest Realty on the transaction.
Another sale involved Midway Plaza, a newly renovated 12,198-square-foot shopping center located at the southwest corner of Interstate 635 and Midway Road in Dallas. Midway Plaza is a regional multi-tenant shopping center which is shadow anchored by newly developed Walmart Supercenter and Sam’s Club stores. The Interstate 35 location has more than 300,000 cars passing the center daily. Disney Investment Group brokered the sale of Midway Plaza to a private investor and represented the seller, a national real estate investment company.
“Institutional and private buyers alike continue to aggressively pursue and acquire high-quality, well-located shopping centers like Sprouts Village and Midway Plaza in top retail markets including DFW,” Disney, principal with Disney Investment Group, tells GlobeSt.com.