DALLAS-Tom Salanty and Chris Harden with the local office of Cushman & Wakefield Inc. represented two institutional investors in the closing of the 187,700-square-foot Cedar Hill Crossing in Cedar Hill and the 170,342-square-foot Plaza Shopping Center in Mesquite.
In Cedar Hill, Baruch Cedar Hill LLC acquired the center at US 67 and Beltline Road from Kimco Realty. “This is the first acquisition in Texas for this buyer and is an example of east and west coast capital seeking higher returns in Texas than are available in their coastal markets,” Salanty comments in a press release. “The properties at this intersection enjoy stable rents and the highest occupancy in the trade area, Cedar Hill Crossing was sought after by numerous investors.” The property is 94% occupied with anchor tenants including Kohl's, Party City, Petco, The Foundry (a JC Penney concept) and Staples. Shadow anchors are Albertson's and The Home Depot.
In Mesquite, Independence Plaza Center LP acquired the Independence Plaza Shopping Center at Galloway Avenue and North Town East Boulevard from Weingarten Realty Investors. The 92.5% occupied center contains a mix of tenants including Babies R Us, Family Dollar, Harbor Freight Tools, Surplus Warehouse and Boston Market.
“The location continues to evolve with Harbor Freight Tools and Surplus Warehouse replacing Sack 'n Save Warehouse Food Store over the last few years. These regional tenants, along with a collection of neighborhood retailers and service providers, create a mix of tenants that service the neighborhood residents and the surrounding community,” Salanty says.
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