Big Box Pricing Continues To Evolve
In response to an ever-changing retail landscape, the buyer pool in turn is ever-evolving as REITs and private owners continue to dispose of properties. Another two power centers, along with an unanchored retail center, have hit the sale column as a result.
The centers are located in the Dallas metro, along with one in Tennessee. Dallas-based boutique capital markets firm, Disney Investment Group, marketed and sold all three centers.
“REITs and private owners continue to sell and monetize non-core retail assets as the market adapts to the rapid changes continuing in the retail sector,” David Disney, principal, tells GlobeSt.com. “The buyer pool continues to evolve and we’re still seeing price discovery for big-box retail centers in many markets.”
Lakepointe Towne Crossing is a 196,630-square-foot power center located at the northeast corner of FM 3040 and Interstate 35E in Lewisville, TX that has more than two dozen stores and restaurants. The center is anchored by Ross and Party City, and shadow anchored by Super Target. Other retailers include the food and beverage options of Bonsai Sushi, Pei Wei, Starbucks and Taco Bell/Long John Silver’s. Lakepointe Towne Crossing was 62% leased at closing. Disney represented the seller, Retail Properties of America, and also procured the buyer.
Royal Crossing is an infill 22,579-square-foot center located at Interstate 75 and Royal Ln. in Dallas. The center is 86% leased with 11 tenants including Mattress Firm, Wingstop, Domino’s Pizza and Fuzzy’s Taco Shop. Disney represented the seller, Westwood Financial, and the buyer was represented by NAI Robert Lynn.
The Columns is a 173,727-square-foot power center located in Jackson, TN that is 98% leased and anchored by Best Buy, Ross Dress for Less, Marshalls, Bed Bath & Beyond, Old Navyand Books-A-Million. Disney and Adam Crockett of Disney represented the seller, Retail Properties of America, and also procured the buyer.
Disney Investment Group has executed the sale of more than $2.2 billion of retail properties since 2012.