Staubach Affiliate Acquires Regional Mall

ELPASO, TX-Cypress Equities, the acquisition and development arm of Staubach Retail Services, recently added to its portfolio the Bassett Shopping Center, a 598,167-sf regional mall here that is currently 96% leased and anchored by Costco, a new addition to the center.

Cypress currently has over 755,000 sf of retail space under development and about 1.1 million sf held for long-term investment. The Bassett Shopping Center property, constructed in 1962 and renovated in 1998, draws from El Paso as well as Juarez, Mexico. It is located at the intersection of Interstate 10 and Highway 62, which has a daily traffic count of 210,000 vehicles.

The purchase price is not being released, but the Dallas office of Holliday Fenoglio Fowler LP says it arranged $43.5 million in acquisition financing from TIAA-CREF. The 36-month loan was secured at an adjustable rate, according to HFF managing director Trey Morsbach.

“This was a short time frame financing because the borrower needed to meet a tight closing schedule,” adds Morsbach. “TIAA was the only portfolio lender able to achieve the loan request and beat out several aggressive CMBS lender quotes. Certainty of execution was critical and TIAA delivered.”