CROSS ROADS, TX—Holliday Fenoglio Fowler, L.P. has closed the sale of two multi-tenant buildings that total 24,000 square feet and form the outparcel part of Village at Cross Roads shopping center in the Dallas-Fort Worth suburb of Cross Roads, Texas. HFF arranged the sale of the property on behalf of the seller, Lovett Commercial.
The assets consist of two out parcels located at NEC U.S. Highway 380 and FM 424 at a signalized intersection in Cross Roads, a lakefront community north of Dallas and Fort Worth that sees visitors from nearby Lake Lewisville and Lake Ray Roberts. The 100% leased outparcels are home to Mattress Firm, Starbucks, UPS Store, Supercuts, Sally's Beauty, Fuzzy's Tacos and T-Mobile. The asset is shadow-anchored by an 185,900-square-foot Walmart Supercenter and Village at Cross Roads tenants. Additionally, the assets will support a proposed 133,500-square-foot, class A power center.
The HFF investment sales team representing the seller was led by managing director Ryan West, associate director Matt Berry and real estate analyst Robbie Kilcrease.
“Village at Crossroads presented an opportunity to purchase a brand new 100%-leased asset shadow-anchored by a Walmart Supercenter,” Berry said. “The asset's long-term leases and stable cash flow attracted several investors looking for class A quality properties. Buyers are aggressively seeking similar assets in the market, as they can achieve quality returns with accretive debt terms available.”
Launched In 2004, Lovett Commercial is a Houston-based commercial real estate developer with projects across Texas.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
