TIAA-CREF Pays $51M for Trophy Retail Center

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FRISCO,TX-New York City-based TIAA-CREF has acquired the five-year-old, 227,175-sf, 99%-leased South Frisco Village Shopping Center, considered a trophy regional retail asset, from Hendry Investments Inc. of San Antonio. Buyer and seller declined to disclose the acquisition price, but area brokers and marketers who have closed deals in the North Dallas suburb tell GlobeSt.com the closing price was probably in the $225-per-sf range. That would give the deal an estimated value of $51.1 million.

CB Richard Ellis senior vice president Doug Hazelbaker says the property is located at “one of the most prolific retail intersections” in North Texas, with more than 52,000 vehicles passing daily at the property site on the northeast corner of Preston Road and State Highway 121. Frisco, 12 miles north of Downtown Dallas and located in both Collin and Denton counties, has an estimated population of 76,000.