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10/28/16
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Shopoff Realty Investments recently purchased a 36k sf retail center in the northern Dallas suburb of Carrollton, TX. The property was acquired for approximately $8.1 mil ($225/sf) through a co-investment structure.
The property, Hebron Heights, is located at 1012 W. Hebron Pkwy in the North Carrollton submarket of the Dallas-Fort Worth metropolitan area. Anchored by Pet Supplies Plus, the retail center is approximately 100 percent leased to a mix of national, regional and local tenants. Hebron Heights was constructed in 2004 on 8.04 acres of land located less than one mile east of the Sam Rayburn Tollway.
“Hebron Heights is in a great location surrounded by homes and is in close proximity to other major retailers with the potential to draw additional patrons to the shopping center,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “Currently fully leased with a number of tenants paying below market rents, 50 percent of the tenants’ leases expire within five years, providing an opportunity for additional cash flow via re-leasing.”
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