BISMARCK, ND-A group of tenant-in-common owners is selling Pinehurst Square East, a 114,292-square-foot retail center, in an UPREIT transaction. The board of directors of Irvine, CA-based TNP Strategic Retail Trust Inc. has voted to acquire the property for an undisclosed amount.
The center, at the northeast corner of Interstate 94 and Tyler Parkway, is 92% occupied with tenants such as TJ Maxx, Old Navy and Shoe Carnival. The property is shadow-anchored by a Lowe’s and a Kohl’s. Pinehurst Square West, a 69,000-square-foot center adjacent to this property and anchored by Best Buy and PetSmart, was purchased for $10.3 million by Cole Real Estate Investments in February.
Steve Winger, SVP and leasing director with the purchaser, said the Pinehurst East center is the most dominant for almost 200 miles. “It’s filled with credit tenants,” Winger tells GlobeSt.com. “The vacancy in the Bismarck area is pretty high, at about 23.5%, but the unemployment rate is one of the lowest in the country at 4.7%. Plus, this area benefits from a couple of big boxes that have left the market, including a competing Home Depot.”
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