In late June, the Indianapolis-based REIT spent close to $6.8million for a 43,500-sf retail building at 213 N. US Highway 67,with Ultimate Electronics in the anchor spot for the long term. Thelatest deal rolls the deed to a fully leased center at 330 N. JElmer Weaver Freeway in Cedar Hill, boasting a national lineup oftop-draw retailers like Barnes & Noble, Marshall's, Linens 'nThings, Office Max, Old Navy, Hobby Lobby and Ross Dress for Less.The four-year-old center's anchor leases are in place for the longterm while the first generation of shop space will begin to roll inlate 2005, says Jim Batjer with Holliday Fenoglio Fowler LP inDallas. He and HFF's Barry Brown represented the seller anddeveloper, Frank Mihalopoulos of Dallas.

Mihalopoulous, a known long-term holder of his developments, putthe class A package up for sale in late 2003. "He wanted to recyclethe capital into new developments," Batjer tells GlobeSt.com. Kitewas the top offer in a "best and final," which kicked off a longprocess for an assumption with a conduit lender and a loan with 7.5years left on the term, he explains. The Ultimate Electronicsbuilding and some inline space, Cedar Hill Village, delivered inlate 2003 and sold unencumbered so it closed earlier, he says.

"Typically when there are existing loans that people have toassume, investor interest is less than when it's unencumbered,"Batjer says of marketing campaign for a no minimum-ask package ofclass A space that attracted just a dozen would-be buyers withinstitutional and private capital. The best and final went to onlythose investors interested in both retail centers. "But," he adds,"it was very competitive."