ALLEN, TX-First Allied Corp. has closed the first of two retail acquisitions from Weingarten Realty Trust, picking up 63,660 sf of inline space in McDermott Commons Shopping Center. Street sources report the deed changed hands for $11.75 million at a likely 7.4% cap rate.
Sources confirm the Beverly Hills, CA-based private buyer also is poised to close on Weingarten's Murphy Crossing, situated roughly 10 miles south of McDermott Commons. The first to close is a fully occupied, six-year-old development at the crossroads of McDermott and Custer roads in Allen, a Collin County suburb in the path of development in the far northeast sector. McDermott Commons' anchor, a 62,000-sf Albertsons, was not part of the deal, Matt Kaiser, First Allied's acquisitions manager, tells GlobeSt.com.
The privately funded First Allied plays its deals close to the vest, but its buying habits are cash on the line and no financing, Kaiser says. The buyer, who owns 13 shopping centers in Dallas/Fort Worth suburbs, will lease and manage the just-bought center with an in-house team, which probably is locked in talks over leases on the cusp of rolling due to the age of the asset. The tenant roster, predominately national, is made up of fast food, health and nutrition and a bank.
Thomas Salanty with Cushman & Wakefield of Texas Inc. broadly marketed the package without an ask on behalf of the Houston-based REIT. Murphy Crossing, set to close any day, has 46,000 sf of inline space in a grocery-anchored setting at the intersection of FM 544 and Murphy Road, about 25 miles northeast of Dallas.
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