FORT WORTH—A trophy shopping center in west Fort Worth has been sold.
The Central Market-anchored, 191,000-square-foot Chapel Hill has been acquired by Indianapolis-based Kite Realty Group Trust in a deal that closed Friday, Disney Investment Group (DIG) exclusively tells GlobeSt.com.
The seller was Dallas-based Strode Property Co. who developed the center and has owned it since 1999.
“This is a pretty rare, pretty sought-after center,” says David Disney, principal with Dallas-based DIG. “Central Market is highly coveted.”
According to Disney, in the last 10 years, only one other Central Market-anchored center in the Dallas/Fort Worth area has traded hands. That was Preston Oaks in a deal which DIG also brokered in 2013.
In the recent transaction, Disney and Adam Crockett, associate at DIG, represented the seller and also procured the buyer.
“It's a thriving center and shows real well,” Disney says. “[Kite] was looking for a trophy asset.”
Kite clearly has an interest in comparable centers. In April, it acquired the Whole Foods Market-anchored Colleyville Downs in Colleyville.
Other tenants at Chapel Hill include Mi Cocina, The Container Store, Aaron Brothers and Cost Plus World Market.
The transaction represents the sixth deal completed between Strode Property Co. and DIG.
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