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Inland Beats 100 Bidders for Archon Retail Asset

SOUTHLAKE, TX-The Inland Real Estate Group of Cos. pays Archon Group LP an estimated $30.4 million for the two-year-old, 135,128-sf Southlake Corners.

By Alex Finkelstein | Updated on November 21, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

SOUTHLAKE, TX-The Inland Real Estate Group of Cos. of Richardson has beaten out about 100 potential buyers for the two-year-old, 135,128-sf Southlake Corners shopping center. Inland acquired the asset from Irving-based Archon Group LP at an undisclosed price.

Area brokers familiar with the Southlake retail market tell GlobeSt.com the estimated closing price was in the $225-per-sf range, putting the estimated deal value at $30.4 million. Archon achieved its premium price after converting a vacant Wal-Mart retail building into a higher, revenue-generating shopping center, CB Richard Ellis senior vice president Doug Hazelbaker tells GlobeSt.com. He says more than 100 investors requested initial offering packages on the property. The center was 95% occupied at closing and the cap rate was in the 6.5% to 7% range, Hazelbaker says.

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