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DALLAS-Rreef, acting for a large public pension fund, has outbid a bevy of buyers for a class A infill portfolio, which came to market with 480,583 sf in four shopping centers and traded as a package of three. The one drop-off most likely will return to market in the first quarter.

Still, the San Francisco-based Rreef got 433,065 sf of 99.9%-leased retail space from Direct Development of Dallas. The caliber of properties in the package, tied to different partnerships at sale time, was one of the most closely watched trades since its market debut in July. Rreef has locked down the price, but sales of comparable assets have been trading for $130 per sf to $150 per sf. When it hit the market, its broker, Chris Cozby, principal with Dallas-based Trammell Crow Co., valued the entire package at $120 million to $125 million but Rreef vice president Brad Gries says it sold for significantly less than the campaign push. For previous story, click here.

In a turn from the norm, Direct Development, led by Syd Hurley and David Watson, will continue to lease and manage the properties for one year. "It was always a requirement of the transaction," Hurley tells GlobeSt.com. "It clearly was the right business decision to sell, but it would have been the wrong decision to gut our operating coming by selling its heart."