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AUSTIN-The Stamford, CT-based ITW Mortgage Investments has sold a nearly full, 102,916-sf shopping center for $14.7 million to an investment group fueled by mostly Dallas capital. The seven-year-old center baited nearly 20 offers.

“It didn’t sit on the market,” Bill Tourtellotte, vice president with GMH Capital Partners of Newtown Square, PA, tells GlobeSt.com about Stassney Heights Shopping Center at the intersection of Interstate 35 and East Stassney Lane. He says the buyer, TPRF/Stassney LP, took the deed with a 30-day due diligence and 30-day close.

The buyer, though, picked up a challenge with the acquisition because the 62,530-sf Albertsons store is about to close. The Boise, ID-based grocer is tied to a ground lease, but the new owner already is mounting the backfill attack, says Tourtellotte, who teamed with GMH’s Shawn Lubic to market the property.

The upcoming Albertsons’ shutdown wasn’t the precipitating factor for the hand-off, Tourtellotte stresses, adding the space isn’t likely to linger on the market too long. He says Stassney Heights has more of a presence as a community center instead of a neighborhood shopping venue because it sits in the shadow of a Lowe’s home improvement center. And, the property was handed off just as a 4,000-sf end cap was leased to a mattress store and negotiations had begun for the last bit of space, according to Tourtelotte.

Tourtellotte says the seller, ITW Mortgage Investments IV, bought the center shortly after it delivered in 1999. “This was the amount of time that they anticipated holding it,” he says.

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