DALLAS—Disney Investment Group has closed on the sale of Westside Market, a new Tom Thumb anchored shopping center in Frisco.
Inland Real Estate Acquisitions, Inc. has acquired Westside Market, which opened in 2013 and totals 93,562 square feet. The center is anchored by a 70,000 square foot Tom Thumb store as well as a Tom Thumb fuel center, which are both on long term leases. Westside Market is currently 98% leased and is strategically located at the southeast corner of FM 423 and Lebanon road where the upscale Phillips Creek Ranch subdivision is currently in development. Average household incomes within a one-mile radius of the center exceed $130,000.
David Disney of DIG tells GlobeSt.com, “This type of transaction is very rare in Dallas. There are not many grocers on a lease that trade. Tom Thumb is a dominant grocer in the area and this location has thousands of new homes coming on line. I think the bottom line here is the rarity of the sale of a new grocery-anchored center.”
Disney represented the seller on the sale of Westside Market and also procured the buyer. Matthew Tice of Inland facilitated the purchase on behalf of the buyer.