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Konover Property Trust Marketing Texas Bailout

DALLAS-It's not that Konover Property Trust doesn't like Texas, it's just not east enough for the North Carolina-based REIT, which is looking to sell all Lone Star State holdings. Credit Suisse First Boston has been hired to find a taker for 28 outlet centers, including five in Texas.

By Connie Gore | Updated on December 21, 2000

DALLAS-Konover Property Trust Inc., a REIT headquartered in Cary, NC, is bailing out of Texas.

Five outlet centers have been put on the market along with 23 others that remain from the REIT’s one-time 34-property portfolio. Three years ago, the REIT had done an about face on outlet center holdings, putting into play a strategy to build a community center portfolio primarily situated in the southeastern US. Texas has the largest concentration of the lot.

Six outlet centers have been sold in the past three years. That includes the January sale of a 311,742-sf outlet center in Sulfur Springs, TX, for $7.6 million and a 141,908-sf outlet center in Casa Grande, AZ, for $3.2 million. Now, Texas’ Factory Outlets of America centers in Corsicana, Hempstead, La Marque, Livingston and Mineral Wells are on the “to go” list.

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