The largest acquisition is the 19,555-sf, one-year-old Granbury Square at US Highway 377 and Old Cleburne Road in the historic town of Granbury in Hood County. On the market two weeks, the 80%-leased asset reeled in more than the $2.4-million asking price with two buyers lobbing plays for a property with an 8.6% cap rate, Stephen Maulden with Marcus & Millichap's national retail group's Dallas team tells GlobeSt.com. The seller is a Dallas developer specializing in secondary and tertiary markets.

Maulden says the buyer secured a 10-year loan with a 25-year amortization at a sub-5% fixed-rate interest through Sean Bushe with La Jolla Bank's Dallas office to take over a center with a Wal-Mart Supercenter in its shadow. Howard Fuerst with Marcus & Millichap in Dallas represented the seller. Janet Powers of Powers Real Estate will continue to lease the three-acre asset, bolstered by corporate-leased anchors Dollar Tree, Cato's and Friedman's Jewelers. The average lease is in place for five years, says Maulden.

The Colleyville investor also bought the 7,000-sf Shady Oaks Plaza in Brownwood, a two-tenant asset that delivered just five months ago. Maulden says the holding, also shadow retail for a Wal-Mart, brought close to the $1.4-million asking price for its Fort Worth developer, who put RadioShack in place with a five-year, corporate-guaranteed lease while signing CiCi's Pizza to a 10-year pact.

The buyer also financed the purchase in a 10-vehicle with the same terms from La Jolla Bank. The Brownwood property at the hard corner of Clements Avenue and US Highway 64 sold at an 8.8% cap rate after being on the market less than two weeks and attracting three offers.

The 1031 Exchanges were funded by sales of various property types, says Maulden, the deal's lone broker, who says the goal was to refill the portfolio "with maintenance-free, management-free type of properties. He's financially strong and was able to close both deals in 40 days."