WACO, TX-A private investment group from Brooklyn has ended a three-year hold of the 201,392-sf Parkdale Shopping Center. A Southern California TIC group, getting a 7.59% cap rate, has paid close to the $15-million ask to skate past nine other offers for the fully leased shopping center.

Situated on 16 acres at 5900 Bosque Blvd., Parkdale Shopping Center has upside potential because two tenants have yet to give one-year notices for their renewals, according to Jerry Goldstein with Marcus & Millichap Real Estate Investment Services in Houston office. “These are two tenants whose lease rates are low. It's a good opportunity to get an upgrade on those two spaces,” he explains. “That was a value-add feature to the property.”

Goldstein represented the seller of record, 1340 E. 9th Street Realty Corp. He says the center was well-maintained so the new owners won't need to invest much in the way of upgrades or capital. Current tenants include Hobby Lobby, Name Grand Clothing, Card & Party Factory, Big Lots, FedEx Kinko's, Papa John's Pizza, Chili's and Drug Emporium.