The group, which invests in small retail plazas, has purchased the 59,933 sf Alta Mesa Village Shopping Center at the southwest corner of Alta Mesa Blvd and McCart Street that is home to a Radio Shack and several retail beauty outlets. The shopping center is also adjacent to a Sack N Save grocery store.
"Alta Mesa Village fit the profile of a Jim Ryffel owned center. It is an attractive, clean, well-maintained facility with a low vacancy rate, good access to I-20 and a high traffic count," Karen Simon, senior vice president and managing director of the Fort Worth office of the Bradford Companies told GlobeSt.com. "It's the type of center that will do reasonably well regardless of the economy because the rents are reasonable and the tenants are in many ways indigenous of the neighborhood."
Simon brokered the Alta Mesa Village deal for both the investment group and the seller, Alta Mesa McCart Plaza Ltd. Partnership.
In a separate transaction, the Ryffel investors also picked up 3.979 acres of undeveloped land at the northwest corner of Rufe Snow Drive and Harrison Way in Watauga. The group plans to develop that property into a neighborhood shopping center. Simon was also the broker on that deal.
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