Three solid buyers came forward in 60 days of marketing, with the highest offer taking the deed from Spigel Properties of San Antonio, says Gavin Kam of Marcus & Millichap's retail group in Dallas. The holding, which sold for $64 per sf, brought about an 11% cap rate based on the current net operating income, he tells GlobeSt.com.

Kam says the center is a perfect match for Ty Equity's requirement that all tenants have clear visibility along access roads to its properties. Danieldale Crossing, positioned at 434-450 US Highway 66, sits on 1.4 acres at the southeast corner of a major intersection and is part of a retail corridor for the outlying community.

"It was a straight-forward deal. It made sense for the buyer and it made sense for the seller," Kam says. With the trade comes a change in leasing and management. Spigel turns over the keys for that as well to Ty Equity, which has an in-house property team.

Matrix Rehabilitation Services is the largest tenant in the center and Sam's Pizza, perhaps the most popular. The 18-year-old community center did not have any deferred maintenance, according to Kam, who negotiated for the seller. Ty Equity used in-house broker Mark Wedding to represent its interests.