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DeSOTO, TX-Equity One Inc. has laid down nearly $8.2 million for a 69,060-sf, fully leased suburban shopping center with five tenants and no leases rolling for two years. The all-cash trade included the 58,960-sf Tom Thumb grocery store, which has “considerable term left on its lease,” according to the buy side.

“It’s kind of hard to find that,” Kevin Holland, the Miami-based Equity One’s acquisitions director in Texas, tells GlobeSt.com about the purchase of the DeSoto Shopping Center at 210 E. Pleasant Run Rd. in DeSoto, roughly 17 miles south of Dallas. Blockbuster Inc. occupies half of the 10,000-sf inline balance with the remainder of the space leased to a pair of “mom and pop” shops and a Style America salon.

Holland says competition was stiff for an eight-year-old center with no deferred maintenance. The Wellesley Hills, MA-based Sun Life Financial bought the property shortly after it was developed. Equity One, in keeping with its business model, is taking over leasing and management from the seller’s team, JSC Realty of Dallas.

The 7.3-acre DeSoto Shopping Center, assessed at $6.2 million by Dallas County, sits on the southeast corner of the city’s primary crossroads, facing the town hall and sharing the intersection with two more corners of retail. The buyer also owns an Albertsons-anchored center in DeSoto. Chris Cozby with Dallas-based Trammell Crow Co. brokered the sale for Sun Life.

This year, Equity One has spent $86.8 million in Texas. It also bought two Kroger-anchored centers in South Arlington and Southlake. The DeSoto purchase was funded from the investment group’s unsecured line of credit.

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