The property has fetched in the low- to mid-$16 million, GlobeSt.com has been told. Seller ACLP Centennial Hulen Village LP has been represented by Ken Shulman, senior vice president and director the Staubach Co.'s investment sales division. Coy Quine and Bob Robbins of Dallas-based Quine & Associates, which has been assigned leasing and management, acted on behalf of buyer, Tri-State Commercial Associates.
The center, sited on 18.29 acres, is positioned "in one of the most dynamic retail districts in the Dallas-Ft. Worth metroplex," says Shulman. The sale, he tells GlobeSt.com, includes all retail pads, now occupied by Taco Bueno, Pizza Hut, KFC and Whataburger. The prime retail property takes up the southwest corner of South Hulen Street and Hulen Bend Boulevard, a high-traffic intersection.
The neighborhood center, anchored by a 62,000-sf Kroger store, boasts below-market contract rents and expansion options, Shulman says. Other tenants are Mardel, 30,000 sf; Silk Market, 18,267 sf; Coomer's Craft Mall, 12,176 sf; and Texas Patio, 10,000 sf.
"It's a real aesthetically pleasing piece of real estate," Shulman tells GlobeSt.com. The 13-year-old center had been 94% occupied at sale time.
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