DALLAS–Disney Investment Group has brokered the sale of two shopping center properties for nearly $35 million. Cross Timbers Village and Mansfield Pointe have both traded hands.
Cross Timbers Village in Flower Mound, TX, was purchased by an undisclosed private West-coast buyer. Locally-based Direct Development and Thackeray Partners divested of the property as a way to pare down its holdings. David Disney and Adam Crockett of DIG represented the seller and secured the buyer.
The newly developed, 19,333-square-foot shopping center sits at the intersection of FM1171 and Bruton Orand Boulevard. Cross Timbers Village is 95% occupied with Tom Thumb as the property’s shadow anchor and other retailers such as Subway, Great Clips, Terry’s Donuts and RE/Max.
While the exact acquisition price was not disclosed and probably ranges around $6 million, Disney tells GlobeSt.com, “that pricing was pushing a 7% cap rate, which is exceptional pricing for this type of stabilized property.”
DIG also arranged the sale of Mansfield Pointe, which was purchased by Inland Real Estate Acquisitions Inc. Disney says, the property was sold by a group controlled by The Retail Connection and Granite Properties, for $28.4 million.
The 148,529-square-foot shopping center hosts tenants like SuperTarget, Home Depot, Bed Bath & Beyond, Petsmart and Verizon. Developed in 2008, the property sits on the southwest corner of Highway 287 and Debbie Lane. It is 97% occupied.
Disney brokered the sale, while Alan Shor and Chad Bradshaw of The Retail Connection and Paul Bennett of Granite Properties represented the seller, and Matthew Tice of Inland Real Estate Acquisitions represented the buyer.
DIG is no stranger to retail transactions of this sort. Earlier this year, it brokered the sale of the Target-anchored Park Avenue shopping center in Little Rock, AR. Dallas-based Strode Property Co. developed the asset and then sold it for $28.1 million. It was purchased by Inland Real Estate Acquisitions.