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DALLAS-In back-to-back class B retail sales, EQYInvest Owner I Ltd. LLP has shed two non-core assets, totaling 110,288 sf, in the heart of the metroplex as a Denver-based investment group passed a 63,964-sf center in the far northern tier. Based on average selling prices in each submarket, the rally produced at least $26.1 million in all for the sellers.

According to an SEC filing, the North Miami Beach-based Equity One Inc. and New York City powerhouse, Investcorp International Realty Inc., last year formed EQYInvest Owner I Ltd. LLP to acquire nearly 1.6 million sf in 15 centers in Houston, 859,533 sf in 11 assets in Dallas and 363,534 sf in three properties in San Antonio. As with most portfolio purchases, some assets were ticketed from the beginning to be pruned from the $387.2-million package.

EQYInvest, a Houston-based operation, put three on the market in the Dallas area, with Jennifer Pierson, senior vice president on CBRE’s Dallas team selling two to date: the 65,765-sf Sterling Plaza at 2904 Belt Line Rd. in Irving, and 44,523-sf Village by the Parks at 4115 S. Cooper St. in Arlington. In a one-off closing the same week, Pierson sold the 63,964-sf Parkway at 812 W. Spring Creek Pkwy. in Plano for a limited partnership from Denver. All three drew a high number of offers due to locations and occupancies, she says.

The 94.1%-leased Sterling Plaza, with a 99 Cents store as its anchor, was bought by an Asian investment group from Los Angeles, which beat 11 others to win the deed. The buyer of record, 2904 Beltline LLC, was represented by Karim Jaude of Dynamics Capital in L.A. Pierson says the 15-tenant shopping center is the buyer’s first piece of Texas real estate.

In inking the all-cash deal, the new owner opted to retain the leasing and property manager, Global Fund Investments. Sterling Plaza, built in 1968 on 7.34 acres, is situated across the highway from Irving Mall. “It’s really visible, a really desirable asset,” Pierson says.

Pierson won’t discuss the final price. Based on CBRE research, though, the average sales price for centers in Irving is $15.2 million or $176.08 per sf.

Village by the Parks, with a class A location, drew 10 offers, with VL Associates of Creve Couer, MO emerging as the winner. The fully leased, ell-shaped center sits on 4.62 acres in front of Chicago-based General Growth Properties’ Parks Mall. The Village’s anchor, Toys R Us, was not part of the sale. According to the SEC filing, the center had an outstanding $6.82-million mortgage. The buyer’s in-house team will lease and manage the holding.

The new owner of the 19-year-old center also was making its first purchase in Dallas/Fort Worth, getting a deal with a 6.5% cap rate to start. In Arlington, the average sales price is $7.5 million or $116.57 per sf, but that’s for all classes of retail properties. Given the location and going prices of neighboring assets, the Village’s foothold undoubtedly brought considerably more. Its Tarrant County assessment alone works out to nearly $139 per sf. The SEC filing also declares its mortgage was $6.06 million.

Sandstone Properties Inc. of Santa Monica, CA was up against 31 other would-be buyers for the Parkway in Plano. Pierson attributes the large number of offers to the 8% cap rate. She tells GlobeSt.com that a contract was in place when Sandstone came on the scene with 1031 exchange funds to deploy. “The other buyer decided not to move forward,” she explains, adding Sandstone’s contract went down on Tuesday and the all-cash closing came on Friday. CBRE assistant Chris Gerard represented Sandstone.

Built in 1985 on 5.84 acres in Central Plano, the 97.7%-leased asset has 15 tenants, with Women of Faith as the sole office tenant for the second-floor space. The across-the-board average sales price in Plano is $11.25 million or $148.81 per sf. Collin County assesses the center at $6.4 million.

“They were all good deals. They were all win-wins for buyer and seller,” Pierson says. “The buyers picked up three good assets in good locations. They will serve their buyers well.”

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