An Arlington shopping center is the latest property purchased by a Dallas real estate investor.
The Cooper Street Plaza, a 91,856-square-foot retail center in the Interstate 20 corridor, sold to Vista Property Co. The center is more than 97% leased to tenants including K&G Mens Co., Office Max, Black Rifle Coffee, UPS, State Farm Insurance and Ninja Sushi.
CBRE Group brokered the sale.
“Despite the fluctuating market conditions, our team was able to generate multiple offers from across the country in the first few weeks after it went to market,” CBRE’s Michael Austry said in a statement. “Since we had multiple competitive offers, we were able to increase the purchase price as well as reduced the buyer’s due diligence and closing timeline allowing the entire sales process to be completed in less than three months.
“This is the type of property that investors are looking for right now with strong real estate fundamentals and priced below current construction costs.”
Austry and CBRE’s Jared Aubrey marketed the Arlington property to buyers.
Buyer Vista Property owns and operates dozens of retail properties in major markets in Texas and Oklahoma. The company’s holdings in Dallas-Fort Worth include Vista Ridge Village in Lewisville and the South Frisco and Frisco Lakes shopping centers in Frisco.
Sales of shopping centers have risen this year while purchases of other commercial properties have slowed. During the first half of 2023, more than $940 million in D-FW area shopping centers changed hands.
