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DeSOTO, TX-A Dallas investor has satisfied a 1031 Exchange by paying $625,000 for his second retail center in three months. The latest acquisition is the 14,872-sf, fully occupied Creek Tree Plaza in the Dallas suburb of DeSoto.

Buyer 2-N Group put down $160,000 for the 1223 E. Beltline Rd. property, which came with a cap rate of 11.8%. Colonial Savings of Dallas financed the balance, according to Roger Hendricks of Marcus & Millichap’s Dallas office. The property, southwest of Dallas, is positioned a quarter mile west of Beltline’s intersection with Interstate 35.

Hendricks tells GlobeSt.com that the buyer sold a self-storage facility in North Texas and immediately turned around the proceeds to secure a comparable sized center at 545 Rowlett Rd. in Garland. Now, he’s put the balance into the DeSoto property, which was on the market for five months.

Hendricks said nine offers rolled into the office after his client put it under contract. Creek Tree Plaza’s seller, also a Dallas private investor, is looking to re-invest his capital outside the real estate market, says his broker, Gavin Kam, also with the Dallas office for Marcus & Millichap.

Two of the nine community services’ tenants are locked into long-term leases while the others roll over within the next two years, Hendricks says. The inline stores range in size from 830 sf to 3,470 sf. Built in 1986, the center is positioned on 1.4 acres.

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