AmREIT Closes Off-Market Deal for Uptown Plaza

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DALLAS-In an off-market deal, Houston-based AmREIT has grabbed control of the 34,250-sf Uptown Plaza, a 1.9-acre infill development that’s just now opening its doors. With retail rents running $35 per sf to $70 per sf, the chic retail piece undoubtedly fetched top dollar based on cap rates, the McKinney Avenue location and the rarity of the buying opportunity.

Local developer Shafer Property Co. has the center at 87% occupancy. Potbelly Sandwich Works just opened Monday. Others in the 2222 McKinney Ave. line-up are Pei-Wei Asian Diner, Grotto, Century Bank and the Kevin Charles Salon. If comps tell the story about the size of the deal, a nearby retail building has been quietly tagged at roughly $415 per sf, but it’s not as new or as well-rooted in tenancy as AmREIT’s newest portfolio member, a source explains.