Investcorp sheds noncore Texas holdings

Six of 29 properties sold

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Investcorp has sold a portfolio of six retail properties across Texas for a combined price of nearly $60 million. The portfolio comprises 497,737 square feet and includes the following properties: Minyards Plaza in Dallas (65,295 square feet); Barker Cypress in Houston (66,945 square feet); Bandera Festival (195,438 square feet) and Wurzbach (59,771 square feet) in San Antonio; Sterling Plaza in Irving (65,765 square feet); and Village by the Park in Arlington (44,523 square feet). According to a press statement, Investcorp anticipated the early sale of a small number of nonstrategic, noncore assets in order to reduce debt and return profits to investors. The 23 remaining properties in the portfolio are considered longer-term holds, with strong tenant rosters and stable cash flow. ...