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8/05/15
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A private investor paid $6.325 mil for North Hills Village, a 188.9k sf ($33/sf) retail center located in the Mid-Cities area of the Dallas/Fort Worth Metroplex in North Richland Hills, TX. The property was sold by a subsidiary of LNR Partners LLC.
Built in 1988, the two-building property is located at 7520-7640 NE Loop 820 and is situated on 16.37 acres. It was 34 percent occupied at the time of sale with such tenants as Cinemark Theaters, Mattress Firm, Subway Sandwiches and T-Mobile. North Hills Village is adjacent to City Pointe Center – a 74-acre mixed-use and municipal complex currently in development – and offers excellent highway visibility.
Brad Cruickshank, Trip Green and Randy Bell of The Woodmont Company represented the seller in the transaction.
“North Hills Village is a tremendous opportunity to add value through lease up of available space,” noted Cruickshank. “The existing tenant mix along with other new local development and overall population growth will be a strong draw over the coming months.”
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