DALLAS--CBRE Capital Markets'National Retail Investment Group has brokered the sale of a 756,865-square-foot grocery-anchored retail portfolio throughout the Dallas-Fort Worth area.
An affiliate of Pine Tree Commercial Realty purchased the portfolio from an anonymous seller for an undisclosed price.
The portfolio is comprised of 11 retail centers, each anchored by a Tom Thumb. It is 97 percent occupied. The individual assets include Heritage Heights in Colleyville; Park West Plaza in Southlake; Flower Mound Crossing and The Highlands in Flower Mound; Cross Timbers Court in Lewisville; Josey Oaks Crossing in Carrollton; Hunter's Glen Crossing, Suncreek Village and 14th Street Market in Plano; Shiloh Square in Garland; and Pioneer Plaza in Mesquite.
"We continue to see a substantial supply/demand disconnect with grocery-anchored properties," Chris Gerard, senior vice president at CBRE, told GlobeSt.com. "Pine Tree capitalized on this rare opportunity to purchase 11 grocery-anchored centers in one transaction.
"The centers are located in some of the best suburbs in the Metroplex, with stellar demographics—the average household income across the portfolio is $104,000 and the average population is 94,000—which will support steady occupancy over the long-term."
Gerard and Chris Cozby, with CBRE's Dallas office, represented the seller.
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