Dallas-based Crow Holdings recently sold the 198,187-sf center to Principal Insurance Group of Des Moines, IA. Two years ago, Crow Holdings paid $32.3 million for the center, which serves some of the most expensive housing areas in the metro area, including the nearby Cherry Hills Village.
Because Cherry Hills Village doesn't allow commercial development in its borders, Principal knows that it will be impossible to build a competing center nearby, Steve Suechting, the Trammell Crow broker who handled the transaction tells GlobeSt.com. "It has very unique and strong demographics," Suechting says. "It's just a fabulous location. For three miles to the north there will never be any competition."
The center is anchored by T.J. Maxx, Old Navy, Ross, Wild Oats and an Original Pancake House. The center has always been close to 100% leased. Suechting notes that Crow Holdings has been taking advantage of the huge demand for retail centers by selling a number of them across the country.
"Retail is what institutional investors want to own," Suechting says. However, he says he can't release the cap rate on the sale.
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