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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription