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MESQUITE, TX-A San Diego investor, replacing multifamily product with retail, has taken control of the 57,500-sf Meadow Glen Shopping Center in a 40-day start to finish, setting up an immediate purchase by the seller of a retail asset in Tarrant County.

The buyer paid close to the $3.2-million ask for an 11-tenant center at 6500 Northwest Dr. in Mesquite to a private investor from Plano, a longtime owner spinning sale proceeds into an acquisition of a family-operated center near Fort Worth, Jason Vitorino with Marcus & Millichap Real Estate Brokerage Co. tells GlobeSt.com. Meadow Glen was 78% occupied when it went under contract, but two deals pushed it above 80% by closing time, according to Vitorino. The new owner has picked up a lease roll with two expirations in 2006, three for each of the next three years and then nothing until 2012, the deal’s sole broker says.

Vitorino says the ell-shaped, three-building center was on the market about 18 months, but then the buyer temporarily pulled it until his return from an overseas trip. The return bid resulted in “a really quick escrow period of about 40 days,” he adds. Part of the speedy close, he says, is the buyer, who operates dry cleaning stores in California, used the seller’s bank to finance the deal, allowing for a quick transfer of an 18-year-old center that includes a convenience store and gasoline station at the corner of the 4.8-acre tract.

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