All-Cash Buyer Allows for Quick Close

PLANO, TX—Constructed in 1994, Creekwalk Village is located west of the intersection of West 15th Street and North Central Expressway (US Highway 75), adjacent to the Collin Creek Mall. Average traffic counts for the North Central Expressway are approximately 222,000 per day and counts for Alma and West 15th streets are approximately 55,000 cars per day.

The 174,484-square-foot shopping center recently sold to an undisclosed privately held real estate investment owner based on the East Coast. The acquisition price was $24.5 million, according to SRS' Investment Properties Group.

SRS was the sole broker in the transaction, sourcing the qualified buyer and producing multiple competitive offers from a wide range of qualified investors. SRS secured an all-cash buyer, which allowed for flexibility regarding current and future tenancy, and repositioning for a quick close.

“One thing that is notable about this transaction is that the SRS team leading the sale was based in Southern California, while the buyer was on the East Coast and the asset in Texas,” Chris Tramontano, senior vice president of SRS' Investment Properties Group, tells GlobeSt.com. “SRS' national presence allowed the team to connect with the most qualified buyer for the property.”

Currently 94% occupied, Creekwalk Village' s tenancy includes a roster of national tenants such as Barnes & Noble with Starbucks Coffee, Bed Bath & Beyond, Old Navy and others. The property has significant long-term historical occupancy, with the majority of the tenants occupying the center for 20-plus years.

“SRS did an outstanding job managing multiple escrow challenges throughout the transaction process–multiple tenants announced they were not renewing at expiration during escrow along with capital repair cost estimates, significantly changing the dynamic of the investment while still moving forward with the original selected buyer,” said Tramontano.

The center is located in a dense consumer region with more than 281,000 consumers with an average household income of more than $104,000 in a 5-mile radius. The West Plano submarket includes all areas within the city of Plano located between Independence Parkway and North Central Expressway.

The submarket consists of 69 shopping centers with 6 million square feet of retail space. Neighborhood and community centers constitute the largest portion of the retail inventory with 49% or 2.9 million square feet while strip centers account for 13% or 798,000 square feet. Collin Creek Mall, West Plano's only regional mall, which is located across West 15th Street from Creekwalk Village, represents 1.3 million square feet or 21% of the total inventory.

PLANO, TX—Constructed in 1994, Creekwalk Village is located west of the intersection of West 15th Street and North Central Expressway (US Highway 75), adjacent to the Collin Creek Mall. Average traffic counts for the North Central Expressway are approximately 222,000 per day and counts for Alma and West 15th streets are approximately 55,000 cars per day.

The 174,484-square-foot shopping center recently sold to an undisclosed privately held real estate investment owner based on the East Coast. The acquisition price was $24.5 million, according to SRS' Investment Properties Group.

SRS was the sole broker in the transaction, sourcing the qualified buyer and producing multiple competitive offers from a wide range of qualified investors. SRS secured an all-cash buyer, which allowed for flexibility regarding current and future tenancy, and repositioning for a quick close.

“One thing that is notable about this transaction is that the SRS team leading the sale was based in Southern California, while the buyer was on the East Coast and the asset in Texas,” Chris Tramontano, senior vice president of SRS' Investment Properties Group, tells GlobeSt.com. “SRS' national presence allowed the team to connect with the most qualified buyer for the property.”

Currently 94% occupied, Creekwalk Village' s tenancy includes a roster of national tenants such as Barnes & Noble with Starbucks Coffee, Bed Bath & Beyond, Old Navy and others. The property has significant long-term historical occupancy, with the majority of the tenants occupying the center for 20-plus years.

“SRS did an outstanding job managing multiple escrow challenges throughout the transaction process–multiple tenants announced they were not renewing at expiration during escrow along with capital repair cost estimates, significantly changing the dynamic of the investment while still moving forward with the original selected buyer,” said Tramontano.

The center is located in a dense consumer region with more than 281,000 consumers with an average household income of more than $104,000 in a 5-mile radius. The West Plano submarket includes all areas within the city of Plano located between Independence Parkway and North Central Expressway.

The submarket consists of 69 shopping centers with 6 million square feet of retail space. Neighborhood and community centers constitute the largest portion of the retail inventory with 49% or 2.9 million square feet while strip centers account for 13% or 798,000 square feet. Collin Creek Mall, West Plano's only regional mall, which is located across West 15th Street from Creekwalk Village, represents 1.3 million square feet or 21% of the total inventory.