STAFFORD, TX-Making its second buy in the Houston area, Dallas-based Dunhill Partners has paid $102 million to Kimco Income REIT for the 589,201-sf Fountains on the Lake. The developer has picked up enough land with the 74.35-acre buy to add 50,050 sf to the 10-building power center.

According to Jason Piering, vice president of CB Richard Ellis’ Dallas capital markets debt & equity financing, Dunhill is in the market for trophy, credit-anchored retail assets like Fountains on the Lake at 11222 Fountain Lake Dr.

Piering worked with CBRE/Melody’s managing director Randy Fleisher to structure $100 million of debt and joint venture equity financing for the buyer. Piering says Dunhill buys assets that make sense for its strategic directives rather than target any one geographical region. The New Hyde, NY-based Kimco and Dunhill have partnered in the past on deals.

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