Texas retail center sells for $31 million

Huntington Trust picks up 135,000 square feet in Dallas suburb

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Commercial real estate broker Lee & Associates has completed the sale of three-building retail center in Irving, Texas, a Dallas suburb. The transaction was valued at $31.3 million. The 135,000-square-foot retail center, called Las Colinas Plaza, features 25 stores. The property was 95 percent occupied at the time of sale. It is anchored by Safeway's 53,000-square-foot Tom Thumb flagship store. Doug Humphrey, senior vice president of Lee & Associates- LA North/Ventura Inc., represented the buyer, Huntington Trust, a real estate company with multiple commercial property investments in Los Angeles and Chicago. The Staubach Company represented the seller, Westwood Financial, a private real estate investment company. According to Humphrey, the transaction was part of a 1031 exchange from the sale of a multifamily property the buyer owned in Chicago. Humphrey indicated that the buyer decided to move into the retail market in an effort to achieve a stronger return on their investment...