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MESQUITE, TX-A one-year owner has flipped a 26,635-sf,six-tenant shopping center for close to the $8.1-million askingprice. The asset traded at an 8% cap rate.
"That's unbelievable in this market," says Howard Fuerst withMarcus & Millichap's national retail group in Dallas. The BocaRaton, FL-based seller was planning a long-term hold of the2.1-acre Mesquite Towne Centre at 18661 LBJ Freeway, but wasconvinced to sell after one year because of today's premium pricesand investors' hardy appetite for retail, Fuerst tellsGlobeSt.com.
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