SoCal TIC Group Claims 201,392-SF Retail Deed

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.”