DALLAS-Centennial Real Estate Co. has bought two assets in North Texas – a 45,465-square-foot neighborhood center and a mixed-use project with 181 apartments and 70,000 square feet of retail.
The properties mark the first acquisitions the firm has made in several years, according to Centennial Real Estate CEO Steven Levin. “We've been actively trying to make investments, but these were the first two we found that we thought were good enough to buy,” he tells GlobeSt.com.
The local investor partnered with three other firms to close the deals. The purchase prices for both properties were not disclosed, but local sources estimate they traded for a total of roughly $30 million.
Centennial partnered with Dallas-based Gideon Interests Inc. to acquire Cross Pointe Center out of receivership. Located at Business 287 and Bailey Boswell Road in Saginaw about seven miles from Fort Worth, the shopping center is shadow-anchored by a Super Wal-Mart.
Constructed in 2005, the center is 81% leased to Dollar Tree, Cato, Radio Shack, Hibbitts Sports, AT&T, Cici’s Pizza, Fantastic Sam’s and Nationwide Insurance. Centennial Real Estate Management will manage the center.
Cushman & Wakefield of Texas Inc.’s Capital Markets Group handled the sale. Led by Stephannie Mower, the group includes Brandon Beeson, Tom Salanty and Will Walters.
In Dallas, Centennial partnered with Dallas-based Corinthian Apartment Investments LP and with New York City-based Praedium Fund to acquire the
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