Two-Step Sale Backing $30M-Plus Retail Swap

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FLOWER MOUND, TX-Direct Development and Rreef have once again sat down at the closing table for a piece of class A retail. Unlike other deals, the 160,771-sf Highlands Ranch has been set up as structured sale with the north of $30-million trade carrying an early fourth-quarter closeout.

The earn-out is based on filling the 20% balance of the open space in the 6100 Long Prairie Rd. shopping center, which essentially delivered in late 2005, Matthew Noack, vice president for the Dallas-based development group, tells GlobeSt.com. “Hopefully, we’ll have it closed out at the beginning of the fourth quarter,” he says.