3-22-2012: TRC Acquires Towne Centre Plaza in Mesquite, Texas
Towne Centre Plaza in Mesquite Purchased by The Retail Connection and North American Development Group
The Retail Connection L.P., and North American Development Group have purchased Towne Centre Plaza, a 94,109 square foot property located one block off I-635 on North Mesquite Drive across from Town East Mall.
The shopping center was built in 2002 on 8.838 acres and features Bed Bath & Beyond and Best Buy as tenants. The Retail Connection is currently in negotiations for the 23,000 square foot vacancy in the center with a national tenant, which, when leased will bring the center back to 100% occupancy. The property was designed to exceed ‘Class A’ standards and sits on a highly trafficked corner in the town East Mall retail area.
“We are excited to have purchased this well-located center in collaboration with North American Development Group, in an area of DFW that is going through a strong revitalization”, said Steve Hefner, President of Connected Acquisitions for The Retail Connection. “With this acquisition, The Retail Connection has acquired over 750,000 square feet of retail real estate in just the past twelve months.”
“North American Development Group is continuing to seek out opportunistic properties that build upon our strong presence in markets such as this corridor of the DFW metroplex,” said Stephen Preston, Managing Director of NADG. “We are pleased to complete another project with The Retail Connection.”
Immediate tenants in the 1-mile trade area are Home Depot, Ross, Pier One, Old Navy, PetSmart, Michael’s and Garden Ridge.
About The Retail Connection
Founded in 2003, The Retail Connection has seen rapid growth in its full service platform of real estate services, while naming some of the most successful retailers in the country as its retail clients and partners. The Retail Connection provides strategic planning, tenant representation, project leasing, general brokerage, surplus property dispositions, national advisory services, as well as acquisition, development and merchant banking services. The Retail Connection currently represents over 200 retail and restaurant chains and over 25 million square feet of listings, including approximately 2.5 million of its own projects. The company is headquartered in Dallas with offices in Houston and San Antonio.
About North American Development Group
In its cumulative business history, North American Development Group (“NADG”) has been active in the development, acquisition, redevelopment and management of over 200 shopping centers comprising well in excess of 25 million square feet of GLA with an enterprise value of over $3 billion.
NADG owns over 12 million square feet of existing shopping center gross leasable area in the U.S and Canada, with an additional 3 million square feet of shopping center GLA in development or predevelopment. NADG has 11 offices across North America, consisting of 7 in the United States and 4 in Canada, and a team of approximately 125 seasoned real estate professionals. In the U.S., NADG’s head office is in West Palm Beach, Florida with regional offices in Los Angeles, Phoenix, Denver, Dallas, Nashville and Atlanta. In Canada, the Company’s head office is in Toronto, with regional offices in Edmonton, Montreal and Halifax.
Over the last 24 months NADG has acquired 27 properties across the U.S. comprising in excess of 2.5 million square feet of existing shopping center space with an additional 1 million square feet of future retail space. www.nadg.com.