CARROLLTON, TX—CBRE’s Private Capital Group has executed the sale of Josey Rosemeade Shopping Center, an unanchored strip center located at the northeast corner of North Josey Lane and East Rosemeade Parkway in Carrollton.
The shopping center received more than 20 offers from hopeful buyers prior to closing. According to CBRE, this indicates a demand for well-occupied retail centers affording loans to private buyers.
“The sale of Josey Rosemead marked a change in the market from our perspective,” said Jennifer Pierson, a senior vice president with CBRE. “After 2008, receiving 20 offers on an unanchored strip center only happened for properties with significant upside. Josey Rosemead was 100% leased and the market reacted so positively to it, we can only conclude that we have turned a corner.”
The 14,500-square-foot center, located just northwest of the greater Dallas/Fort Worth area, was 100% occupied at the time of the sale. It is located in one of the densest areas of Carrollton, driven by high activity and strong household income levels.
“Josey Rosemead is a nice asset that historically has enjoyed high occupancies,” Pierson added. “Both parties were pleased with the transaction.”
Jennifer Pierson and Beth Pierson with CBRE in Dallas represented an undisclosed seller in the transaction. Josey Rosemeade LLC, an entity affiliated with Raywood Hasten LLC purchased the asset for an undisclosed price.
Additionally, Adam Hedgpeth and Matthew Cutter with CBRE’s Financial Consulting Group provided financial and analytical consulting for the sale.