FORT WORTH-Retail Properties of America Inc. has sold the remaining two centers of the five-property retail portfolio brought to market. The Chicago REIT recently closed on the 113,528-square-foot Southwest Crossing and the 89,873-square-foot Carrier Towne Crossing, receiving a combined $36.9 million from buyer Tri-State Commercial for the centers.
Southwest Crossing, at 200 Southwest Loop 820 has an occupancy of close to 90% and is shadow-anchored by Lowe’s, Kohl’s, Best Buy and Garden Ridge. Notable tenants include PetSmart, Cavender’s and Lifeway Christian Store. Further east, Carrier Towne Crossing, at South Carrier Parkway and Interstate 20 is approximately 89% leased and is shadow-anchored by Target and Home Depot, with notable tenants including Party City, Chase Bank, Chick-fil-A and Starbucks. Both centers were built in the late 1990s.
David Disney with United Commercial Realty of Dallas led the brokerage team representing RPAI in the transaction. He tells GlobeSt.com that the entire portfolio was widely marketed and it received strong response. “Investor demand continues for well-located, quality retail in the DFW area,” he adds, via email.
The acquisition of Southwest Crossing and Carrier Towne Crossing follows the closing of three other North Texas properties in the portfolio that were sold to Westwood Financial in November. The three were the 59,986-square-foot South Towne Crossing in Burleson; the 29,897-square-foot Lake Forest Crossing in McKinney and the 42,700-square-foot McDermott Towne Crossing in Allen.