HILLSBORO, TX—Hillsboro Shopping Center, a 15,750-square-foot multi-tenant retail center, is a 100% occupied Wal-Mart Supercenter shadow-anchored property. The property was constructed in 2007 by a private commercial real estate investment firm based in Dallas.
Comprising a diverse mix of quality tenants with long lease terms and staggered expiration dates, the asset classifies as a stable and secure investment. Due to the attractive tenant mix and desirable location, it recently sold in an expedited transaction. The seller was a Dallas-based real estate investment firm and the buyer is an active local private commercial real estate investor. No other terms of the transaction were disclosed.
After the property marketing phase, the property went into escrow less than two weeks following the official listing date under very aggressive terms. These terms included a 15-day inspection and a 15-day closing period, which is considered atypical for multi-tenant retail.
The gross leasable area is 15,750 square feet on a lot size of 1.83 acres. The NNN tenants include Anytime Fitness, Edward Jones, First Central Credit Union, Jackson Hewitt and Sally Beauty Supply, with some lease periods going out to 2021.
Bryce Gissler, Michael Austry and James Mangum of the Vitorino Group negotiated the transaction between the investment firm and private investor.
“It was a quick turnaround that exemplifies the Texas market,” Gissler tells GlobeSt.com. “There is no end in sight right now. We are at an all-time high for demand and pricing. For the next nine to 12 months, we see a fundamentally stable market that is still as sound as ever. And, it doesn't look like the Fed will raise rates later this month.”
The Vitorino Group is a commercial real estate investment sales firm in Dallas. It has recently closed dozens of retail properties in the north Texas area within its database of Texas-based commercial real estate investors.
HILLSBORO, TX—Hillsboro Shopping Center, a 15,750-square-foot multi-tenant retail center, is a 100% occupied
Comprising a diverse mix of quality tenants with long lease terms and staggered expiration dates, the asset classifies as a stable and secure investment. Due to the attractive tenant mix and desirable location, it recently sold in an expedited transaction. The seller was a Dallas-based real estate investment firm and the buyer is an active local private commercial real estate investor. No other terms of the transaction were disclosed.
After the property marketing phase, the property went into escrow less than two weeks following the official listing date under very aggressive terms. These terms included a 15-day inspection and a 15-day closing period, which is considered atypical for multi-tenant retail.
The gross leasable area is 15,750 square feet on a lot size of 1.83 acres. The NNN tenants include Anytime Fitness, Edward Jones, First Central Credit Union, Jackson Hewitt and Sally Beauty Supply, with some lease periods going out to 2021.
Bryce Gissler, Michael Austry and James Mangum of the Vitorino Group negotiated the transaction between the investment firm and private investor.
“It was a quick turnaround that exemplifies the Texas market,” Gissler tells GlobeSt.com. “There is no end in sight right now. We are at an all-time high for demand and pricing. For the next nine to 12 months, we see a fundamentally stable market that is still as sound as ever. And, it doesn't look like the Fed will raise rates later this month.”
The Vitorino Group is a commercial real estate investment sales firm in Dallas. It has recently closed dozens of retail properties in the north Texas area within its database of Texas-based commercial real estate investors.
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