McKINNEY, TX-A first-time Texas buyer has paid more than $200 per sf for a fully leased 14,331-sf shopping center and left the management reins in the hands of the local seller and developer.
A private investor from Spokane, WA met the $3-million asking price to win the deal for Forest Crossing at 2110 Eldorado Parkway in McKinney in a second marketing after another would-be buyer dropped his contract for legal reasons, Jason Vitorino of Marcus & Millichap's Dallas office tells GlobeSt.com. The asset traded free and clear with the buy side putting up 1031 Exchange capital, gleaned from multifamily property sales in Spokane, and securing a JPMorgan Chase loan to seal the deal for the five-year-old center, according to Vitorino, who brokered the sale along with Stephen Maulden. Michael Hackett with Marcus & Millichap in Phoenix represented the buyer.
Vitorino says the new owner left the seller and developer in place to manage the asset. According to Collin County tax records, the seller was KAO Properties Inc. Vitorino says "the timing of the market" drove the sale along with a plan to deploy proceeds into another development.
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