McKINNEY, TX-In an off-market deal, Inland Western Retail REIT Inc. has paid $7.27 million for a fully leased 33,700-sf center along Eldorado Parkway, keying in on a location near an acquisition in May.
Matthew Tice, Inland's acquisitions coordinator, tells GlobeSt.com that the seller, Prescott Interests Stonebridge I Ltd., led by Dallas-based Carlisle Interests, initially discussed the sale prospect a year ago. The owner of Stonebridge Plaza at 4700 and 4900 Eldorado Parkway recently returned to the REIT to pick up talks, driving a sale within 45 days, according to Tice.
"It really was a very clean deal," Tice says. "We didn't have any problems." Stonebridge Plaza is anchored by a Kroger Signature store, which wasn't included in the sale, which was negotiated for Prescott by David Disney of the Disney Group in Dallas. The tenant roster is a combination of national and local names with no rollovers this year and only one in 2006, Tice says. Like the others in the Texas portfolio, Inland Southwest Management Co. will lease and manage the asset.
Tice says the positioning near the 29,919-sf Lake Forest Crossing, bought for $8.3 million, wasn't critical to the REIT's decision to buy the eight-year-old Stonebridge Plaza. "It's a good property in a great location," he says, adding no renovation is needed or planned.
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