CARROLLTON, TX-Zerby Interests of Oklahoma Cityacquired the 136,267-square-foot Northcrest Village shopping centerfrom Miami-based LNR Partners LLC. The buyerplans to stabilized the 1980s asset through co-tenancy.

Though the center at 3044 Old Denton Rd. is on a prime piece ofreal estate at the southeast corner of Old Denton and FrankfordRoads, a search through Denton Central AppraisalDistrict records shows that the retail property hadbeen in some trouble since the late 2000s. Records show that,in 2005, David E. Claasen sold the property for$16.5 million to a Dallas-based entity operating under the name ofNorthcrest Village LP. Beginning in 2009, JP Morgan Chase Bank waslisted as the owner, as was Bank of New York Mellon Trust Co. LNRis listed as the owner of the property in 2010.

All of that seems to be in the past, however, especially withALDI Grocery as the main tenant, sharing thecenter with other national tenants including Taco Bell,KFC, Starbucks, Subway Restaurant and AllstateInsurance Co. “Northcrest Village was an appealingproperty for us to acquire for several reasons,” notedCaleb Hill, principal, Zerby Interests, in a pressrelease. “The shopping center is in a great location with severalwell established tenants. It fit our investment criteria, and oncestabilized with a beneficial co-tenancy, we feel the shoppingcenter will once again be a vibrant hub for shoppers in Carrolltonand the surrounding areas.”