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FRISCO,TX-New York City-based TIAA-CREF has acquired the five-year-old, 227,175-sf, 99%-leased South Frisco Village Shopping Center, considered a trophy regional retail asset, from Hendry Investments Inc. of San Antonio. Buyer and seller declined to disclose the acquisition price, but area brokers and marketers who have closed deals in the North Dallas suburb tell GlobeSt.com the closing price was probably in the $225-per-sf range. That would give the deal an estimated value of $51.1 million.

CB Richard Ellis senior vice president Doug Hazelbaker says the property is located at “one of the most prolific retail intersections” in North Texas, with more than 52,000 vehicles passing daily at the property site on the northeast corner of Preston Road and State Highway 121. Frisco, 12 miles north of Downtown Dallas and located in both Collin and Denton counties, has an estimated population of 76,000.

Hazelbaker tells GlobeSt.com the deal was done at this time because “interest rates are low and the market is stable.” He says investors nationally “are actively seeking high-end retail centers” like South Frisco Village. The center’s tenant roster also drew investors’ interest, the broker says. Among the tenants are Sports Authority, Bed Bath & Beyond, Circuit City, Office Depot, Jo-Ann Fabrics, Family Christian Stores, Maytag, Sleep Experts, Hertz Rent-A-Car, Sally Beauty, Edward Jones and Jackson Hewitt Tax Service.

The center is directly across the street from General Growth Co.’s 1.7-million-sf regional mall that attracts customers from around the state, Hazelbaker points out. For TIAA-CREF, “it was the right fit at the right time,” the broker adds.

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