September 29, 2015
Dallas Area Kohl’s Anchored Center For Sale
AC Crossing Partners, LLC, a partnership between Centennial Real Estate Company and an affiliate of Atlantic Creek Real Estate Partners, LLC, has retained BlueGate Partners, LLC to be its exclusive broker in the marketing and sale of The Crossing (the “Property”), a 186,643 sf Kohl’s anchored shopping center in North Richland Hills, TX. North Richland Hills is part of the dynamic Dallas-Fort Worth MSA, the nation’s fourth largest metropolitan area by population. The Property’s location is at the northwest corner of Grapevine Highway (Highway 26) and Precinct Line Road, approximately two miles north of I-820 (exit 22A). The Property is comprised of a Kohl’s anchored shopping center (Kohl’s is on a ground lease) with a shadow anchored Signature Kroger and Office Depot, and approximately 100,059 sf of single-story inline space and outparcel buildings. The Property was originally constructed in 1999-2000, and is in excellent condition and maintained to the highest institutional standards.
The Property has a current owned occupancy of approximately 89.0 percent as of September 2015. The Property has ample parking (approximately 5.6 cars per 1,000 building sf) and has a strategic regional retail location with a combined daily average traffic count of over 47,000 cars along Precinct Line Road and Grapevine Highway.
“This is an exceptional opportunity to acquire an extremely well located asset with a highly desirable anchor tenant,” said BlueGate’s Managing Partner Eric Bylin. “The buyer will be able to earn a stable cash flow yield with significant upside through lease up of the remaining vacant suites.”
BlueGate has offices in New York and Palm Beach, FL and represents a refined approach to the real estate investment banking industry. As a boutique advisory firm, BlueGate offers services in the areas of investment sales, portfolio and property financing, advisory services, and capital raising for real estate projects.
Centennial Real Estate Company is a real estate firm specializing in the investment, development and management of retail properties including neighborhood community centers, enclosed malls and urban mixed-use. Centennial’s culture is founded on and committed to the highest levels of integrity, honesty, and transparency among its many partners, employees, and investors.
Atlantic Creek Real Estate Partners, LLC is a private investment firm with its primary office in New York that acquires direct interests in commercial real estate in addition to providing joint venture equity, preferred equity and mezzanine debt capital to commercial real estate owners and developers.