Venture facilitates $41.8M in retail sales transactions
Feb 16, 2012
Venture Commercial press release – February 16, 2012
Venture Commercial Real Estate, LLC announces the completion of several income property transactions throughout Texas. When combined, the properties are valued at approximately $41.8 million and represent more than 385,000 square feet of operating retail and restaurant space.
"These transactions are indicative of the significant increase in shopping center sales in our market during 2011, compared with the previous year," said Mike Geisler, Venture co-founder and partner. "Venture’s involvement in these deals range from sales to leasing and property management, representing the full depth and market experience of our team."
The sales, which are detailed below, include two Market Street properties in McKinney and Colleyville; Northcross Shopping Center in Victoria, Texas; and Galloway Crossing in Mesquite.
Market Street Portfolio
Uhlmann Offices sold two retail properties anchored by Market Street grocery stores to RioCan, Canada’s largest Real Estate Investment Trust. With a total price of $29.9 million, this was one of the largest retail transactions in Dallas-Fort Worth in 2011.
The portfolio sale included the Market Street at Stonebridge Ranch shopping center in McKinney and the Market Street store in Colleyville. The McKinney property, located at the northeast corner of Eldorado Parkway and Ridge Road, is anchored by a 65,000-square-foot Market Street store and includes 23,552 square feet of occupied retail space. The Colleyville property is a 72,617-square-foot stand-alone Market Street store that is part of the Town Center at Colleyville shopping center.
John Zikos, Easley Waggoner, Amy Pjetrovic-Hunnicutt, and Chris Booras of Venture Commercial represented the seller, Uhlmann Offices and also worked directly with RioCan. Sterling Organization will manage both properties.
Galloway Crossing Shopping Center
December Galloway, LLC purchased Galloway Crossing, located at 2110 North Galloway Avenue in Mesquite, TX. Galloway Crossing consists of 59,425 square feet of retail and restaurant space and is more than 85% occupied with nationally recognized tenants including Dollar General, Sylvan Learning Center, and H&R Block.
Chris Corbin and Bob Moore of Venture Commercial represented December Galloway. The seller, a special servicer, was represented by Jennifer Pierson and Beth Pierson of CBRE. Venture Commercial will handle the leasing and property management for Galloway Crossing, with Corbin and Moore as leasing agents and Kris Schuster as property manager.
Northcross Shopping Center
ANB Assets, LLC sold Northcross Shopping Center, located at 5201 Navarro Street in Victoria, Texas to Dunhill Partners, Inc. The 165,522-square-foot property is co-anchored by Ashley Furniture and Gold’s Gym, with tenants including Dollar Tree, Jason’s Deli, GameStop, and Fallas Paredes. John Zikos and Chris Booras of Venture Commercial represented ANB Assets, and Nelson Billups and Alan Mann represented Dunhill Partners.
About Venture Commercial Real Estate
Venture Commercial Real Estate is recognized as a leader in retail brokerage services throughout Texas for its dedication to each client’s success. The company’s full-service real estate platform includes landlord and tenant representation, property management, land sales, and income property sales. Additionally, Venture provides strategic market planning and site selection for restaurant and entertainment clients through its Venturetainment division. As the D-FW partner of X Team International, Venture is able to serve its clients on a national scale. For more information visit venturedfw.com.