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December 2, 2022
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Local Investor Closes $25 Mil Exchange into Texas Shopping Center


A Texas-based 1031 exchange investor paid $25 mil for Northcrest Village, a 136.1k sf ($184/sf) shopping center in Carrollton, TX. The property, located at 3044 Old Denton Rd, was sold by an Oklahoma-based developer.

Northcrest Village is anchored by ALDI and Ace Hardware. The center was approximately 85% leased at the time of sale.

Located in the northern Dallas suburbs, the shopping center features 31 tenants across three buildings. The attractive tenant mix reflects grocery, restaurant, hard goods, soft goods and service providers including national retailers like Subway, O’Reilly Auto Parts, The UPS Store, Little Caesars and State Farm. At the time of sale, there were four contiguous in-line suites available for lease along with one junior anchor space adjacent to Ace Hardware.

Margaret Caldwell, Patrick Kelley and Gill Warner of Stan Johnson Company represented the seller in the deal.

“Northcrest was highly sought after by investors because of its location, strong credit anchors and its potential upside,” said Caldwell.

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