DALLAS-Two retail centers traded hands in separate deals totaling $73 million.  Locally, an affiliate of North American Development Group acquired the 205,812-square-foot Caruth Plaza from Dunhill Partners. And in Little Rock, AR, Miller Capital Advisory Inc. bought the 120,633-square-foot Midtowne Little Rock from its developer, Strode Property Co., based in Dallas.

Though both assets were retail, the similarities end there. Location, buyers and sellers differed when it came to these transactions. Caruth Plaza, located at US 75 and Park Lane, is 96% leased and anchored by Bed, Bath & Beyond, Sports Authority, T.J. Maxx and Dick’s Sporting Goods. The asset offered an infill location, cash flow and credit tenants, and was marketed widely by UCR Commercial Realty’s David Disney and Adam Howells, who operate in Dallas. The brokers tell GlobeSt.com that Caruth Plaza attracted a variety of buyers from pension fund advisors, to REITs, to private investors; with some international parties interested as well.

Midtowne Little Rock, however, has a different story, though this property was also marketed by Disney and Howells. Billed as Little Rock’s first lifestyle, upscale open-air mall, the asset came online in 2007 and now has tenants including Container Store, Pottery Barn, Williams Sonoma and Ann Taylor.  Furthermore, while Caruth Plaza is located near the regional, upscale Northpark Mall, Midtowne is near the former site of the defunct University Mall which, in 2007, was demolished by Strode Property Co.  Strode Development is developing the mixed-use Park Avenue on the University Mall site.

Given upside in the occupancy and its location, Midtowne at Markham Street and University Avenue was marketed more selectively to institutions and private investors, Disney says. “There were no international guys, and not much REIT participation on that deal,” he adds.  

The new owner is also being somewhat selective in getting the asset leased up. “The mix is important to this buyer,” Howells comments. “There were several tenants interested in the vacancies during the deal, but (Miller Capital Advisory) elected not to pursue those deals until they closed, to ensure the right tenant mix.”

Miller Capital Advisory’s Midtowne Little Rock buy is its first in the region, but Disney and Howells note that the buyer is less about geography and more about product. “Miller’s primary focus is lifestyle centers in major and secondary markets,” Howells adds.

Miller Capital Advisory and its partner, California Public Employees' Retirement System, bought the asset through an all-cash deal. Again, the Caruth Plaza deal was different, as North American Development Group assumed the already existing loan on the asset.

UCR has taken on leasing and management duties at Midtowne Little Rock. In Dallas, UCR is handling leasing ,while Madison Partners is managing the asset.