Dallas-based Crow Holdings recently sold the 198,187-sf centerto Principal Insurance Group of Des Moines, IA. Two years ago, CrowHoldings paid $32.3 million for the center, which serves some ofthe most expensive housing areas in the metro area, including thenearby Cherry Hills Village.

Because Cherry Hills Village doesn't allow commercialdevelopment in its borders, Principal knows that it will beimpossible to build a competing center nearby, Steve Suechting, theTrammell Crow broker who handled the transaction tells GlobeSt.com."It has very unique and strong demographics," Suechting says. "It'sjust a fabulous location. For three miles to the north there willnever be any competition."

The center is anchored by T.J. Maxx, Old Navy, Ross, Wild Oatsand an Original Pancake House. The center has always been close to100% leased. Suechting notes that Crow Holdings has been takingadvantage of the huge demand for retail centers by selling a numberof them across the country.