Another North Texas shopping center has changed hands — this one in DeSoto.
The Crossing at Pleasant Run, a 195,000-square-foot retail center on Interstate 35E at Pleasant Run Road south of Dallas, has been acquired by Dallas-based Corsair Property Co. The center is anchored by Kroger and Ross Dress for Less stores.
The Crossing at Pleasant, built in 1983, is 98% leased.
“The Crossing at Pleasant Run is an integral part of the DeSoto community, offering daily services and goods to the neighborhood,” said Corsair president Will Wilson. “We have a positive outlook for neighborhood and regional shopping centers like The Crossing, as D-FW continues to grow with very little new retail supply.
Wilson said brick-and-mortar shopping centers in growth markets are “well positioned to thrive given the lack of new supply and strength of tenants who have developed omnichannel sales strategies.”
Sean Bryne with Bryne & Co. brokered the sale. North Dallas Bank & Trust provided financing for the purchase. Terms of the sale were not disclosed.
Founded in 2018, Corsair has purchased eight Texas shopping centers totaling 700,000 square feet, Wilson said. That includes the 2021 acquisition of the Mockingbird Central shopping center just east of SMU in Dallas.
“We are actively looking to grow our cash-flow-centric portfolio and remain optimistic on Texas shopping center fundamentals in spite of the interest rate and recessionary headwinds facing the economy,” Wilson said.
The DeSoto shopping center trade is the latest Dallas-Fort Worth retail property investment in recent months.
Park Village shopping center in Southlake was acquired by Houston-based Fifth Corner. And the more than 450,000-square-foot Marketplace at Highland Village in Denton County was also purchased by a New York investor.
Investors have targeted D-FW retail properties because of low vacancy rates and rising rents.
Almost $1.8 billion in D-FW retail properties were purchased by investors in 2023, according to estimates by MSCI Inc.
