DALLAS–The 46,979-sqaure-foot Market Square strip mall has been purchased by Carlisle Interests. Ritter Management Inc. sold the property for an undisclosed total.
CBRE’s Jennifer Pierson tells GlobeSt.com the previous owner had owned the property for more than 20 years, but being placed overseas they felt it was the time to sell.
The un-anchored shopping center is within the master-planned Las Colinas community in Irving, TX. The property, while being prepared for market, was sold in an off-market transaction.
The shopping center, which sits at 5401-5465 North MacArthur Blvd., is 96% occupied. The tenant roster includes FedEx Office, Sal’s Italian Restaurant, Boston Market and Pizza Hut.
“This asset is very well positioned in the neighborhood and has a loyal following,” Pierson says. “Additionally, it is one of the few properties that stayed virtually full during the downturn of 2007.”
CBRE‘s Jennifer Pierson and Beth Pierson arranged the sale.