Texas retail center sells for $31 million

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.

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