Friday, March 4, 2011

Texas Shopping Center Trades for $15.5 Million

WAXAHACHIE, TX, Mar. 4, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Waxahachie Crossing (top left photo), a 96,983-square foot shopping center in Waxahachie. The sales price of $15,500,000 represents $159 per square foot. 

Craig Fuller and Scott Wiles in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, brokered this transaction. Jason Vitorino in the firm’s Dallas office, also provided representation.

“Waxahachie Crossing is a high-quality core asset located in a growing area with a strong tenant base,” says Fuller. “The property was a great fit for the buyer’s current acquisition strategy.”

 Built in 2009, the property is located near U.S. Route 287 and U.S. Route 77 in Waxahachie, Texas.

Waxahachie Crossing is anchored by Best Buy, Ross and PetSmart. Shadow anchors include JCPenney and Home Depot. Wal-Mart, Target, Lowe’s and Belk and various national restaurants are located within the area.

The center’s tenants have triple-net leases and pay their own taxes, insurance and common area maintenance. Anchor tenants have recent 10-year leases. Shop tenants are on five-year original term leases.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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