Four Retail Centers in Texas Trade for $90.8M
KYLE, TEMPLE, SAN ANTONIO AND GARLAND, TEXAS — Four retail centers spanning more than 634,000 square feet in Texas have sold for a combined $90.8 million.
Elm Creek Real Estate and Reserve Development LLC purchased Kyle Crossing, a 121,485-square-foot center in Kyle, about 20 miles south of Austin. Target is the anchor tenant at the 16.8-acre property. SITE Centers was the seller.
Dallas-based Clearview Investments Ltd. acquired Temple Towne Center in Temple, approximately 70 miles north of Austin. Kimco Realty Corp. sold the 274,799-square-foot property, which is situated on 26.8 acres.
In San Antonio, Stonefield Investment Advisory & REATA Assets purchased Brooks Corner, a 173,041-square-foot center located at 3143 Southeast Military Drive. InvenTrust sold the asset, which is situated on 35.4 acres.
Lastly, Los Angeles-based Shayan Holdings LLC acquired Firewheel Commons in Garland, about 20 miles northeast of Dallas. The 64,719-square-foot property is situated on 5.6 acres at 3046 Lavon Drive. Elm Creek Real Estate and Reserve Development LLC was the seller.
Adam Howells, Tom Salanty and Caroline Binning of JLL represented the seller in each transaction.
All four properties are located in high-growth markets backed by exceptional demographic fundamentals. The DFW metroplex topped the nation in population growth in 2018, adding nearly 132,000 new residents, according to recent data from the U.S. Census Bureau.
The 2017 gold medalist for annual population growth, San Antonio, serves as one of the anchors of the Interstate 35 corridor in Central Texas, a region that is emerging as a distribution hub for large retailers and e-commerce firms. Lastly, the state capital of Austin is sure to see sustained job and population growth in 2019, having recently been named U.S. News & World Report’s best place to live for 2018.
— Kristin Hiller and Taylor Williams