Texas retail deals top $29M

Properties face re-tenanting challenges
Published on May 21, 2007

The Praedium Group LLC, Centennial Real Estate Corp. and Westmount Realty Capital LLC purchased four former Albertsons locations and the Spring Creek Crossing Shopping Center for a total price of $29.5 million. The former Albertsons locations, which total 238,247 square feet, are located in Plano, Frisco, Mesquite and Mansfield, Texas. All four locations were vacant at the time of purchase, providing a significant lease-up opportunity. The Spring Creek Crossing Shopping Center, located in Plano, totals 145,247 square feet. The property, which also includes a recently vacated Albertsons grocery box, was 32 percent occupied at the time of acquisition. ...