DALLAS—Disney Investment Group (DIG) has been busy.
The Dallas-based boutique firm just closed on the sale of four retail properties across the U.S., totaling $80 million, including one power center and three single-tenant/net-leased assets, GlobeSt.com has exclusively learned.
The properties are:
- Marketplace at El Paseo, Fresno, CA;
- Walgreens, Memphis, TN;
- Mattress Firm, Branson, MO;
- and Aspen Dental, Branson, MO
DIG facilitated all four transactions. The Fresno center took over a year to close, according to David Disney, principal with DIG. The class A power center, totaling 224,628 square feet and built in 2014-2015, was acquired by Inland Real Estate Income Trust; the seller was a partnership controlled by a private developer based in California and a Dallas-based equity investor. Matthew Tice with Inland Real Estate Acquisitions handled negotiations on behalf of the buyer. The center is shadow-anchored by Target, and anchor tenants include Ross Dress For Less, Marshalls, Old Navy, Burlington, Petco, Kirkland's and Ulta. It is 96 percent occupied and includes more than 35 tenants.
DIG, Disney says, sourced the opportunity through a relationship with a principal of the Dallas-based company that provided the equity for development, which represents Inland Real Estate Income Trust's first acquisition in California.
Additionally, the three single tenant/net leased properties were sold to two different public and private real estate investment trusts in three separate transactions. The Walgreens in Memphis recently renewed its 20-year ground lease; and the Mattress Firm and Aspen Dental in Branson, both located within The Shoppes at Branson Hills, have more than eight years and 10 years remaining leases.
In August, DIG brokered a power center deal a little closer to Dallas--the sale of Chapel Hill in Fort Worth.
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