Kimball Oaks was 97% leased at the time of sale and was acquired by a private exchange buyer.
SOUTHLAKE, TX—Two shopping centers totaling 544,170 square feet have sold in Texas and Oklahoma along with the sale of a single-tenant Walmart Supercenter in Wisconsin, all totaling more than $110 million. David Disney and Adam Crockett of Disney Investment Group handled the sales transactions and also procured the buyers for each property.
In Southlake (a suburb of Dallas/Fort Worth), Disney Investment Group represented Strode Property Company on the sale of Kimball Oaks, a 126,654-square-foot community retail center anchored by PGA Tour Superstore, Marshalls, Tuesday Morning and Bassett Furniture. Kimball Oaks was 97% leased at the time of sale and the center was acquired by a private exchange buyer.
“This deal closed in only 32 days from the time it went under contract to closing. Given that the buyer was a 1031 exchange buyer, this is significant since larger shopping center deals like Kimball Oaks rarely ever close this quickly,” Disney tells GlobeSt.com. “Kimball Oaks is a high-profile community center located in one the most affluent submarkets in Texas with average household incomes of $300,000 surrounding the shopping center. It is situated along the Southlake retail district and sits less than one mile from Southlake Town Square, one of the largest and most successful mixed-use/open-air shopping centers in the southern US.”
Approximately 15 years prior to selling Kimball Oaks, Disney Investment Group also sold Southlake Town Square to Retail Properties of America (formerly Inland Western Real Estate) in 2004, GlobeSt.com learns.
In Lake Geneva, WI, Disney Investment Group represented a private seller on the sale of a freestanding Walmart Supercenter that was ground leased to Walmart Real Estate Business Trust. Lake Geneva is a resort town that is popular with Chicago and Milwaukee residents. The property was sold to a public real estate investment trust.
In Norman, OK (a suburb of Oklahoma City), Disney Investment Group represented an undisclosed ownership entity that sold University Town Center/UTC, a 417,515-square-foot power center anchored by nine national tenants including Kohl's, Academy Sports, TJ Maxx, HomeGoods, Michaels, Ulta and DSW, and is shadow anchored by Super Target, Ashley Furniture and Crest Fresh Market. University Town Center is considered to be the largest open-air shopping center in Oklahoma with approximately 1.1 million square feet of retail space. The center was 96% leased at the time of sale and the buyer was an entity controlled by Rainier Realty Investments which partnered with CIL2 REIT LLC, managed by Continuum Holdings.
“University Town Center is a super-regional, market-dominant shopping center that serves the needs of Norman and southern Oklahoma City residents as well as nearby students and employees at the University of Oklahoma, the largest university in the state,” Disney tells GlobeSt.com. “UTC has consistently maintained high occupancy since it was built in phases from 2008 to 2012.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
