FORT WORTH, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Kroger Shopping Center, a 167,961-square-foot grocery-anchored retail center in Fort Worth, Texas. The terms of the sale were not released.
Jason Vitorino, a first vice president investments in Marcus & Millichap’s Dallas office, represented the seller, a Dallas-based developer. Ray Turchi, senior associate and Christopher Travis, associate, both in the firm’s Orlando, Fla. office, represented the buyer, an international company. This is its first purchase in Texas.
“We created full exposure for this retail center with our unique proprietary marketing system and received multiple offers from a wide range of investors within a few weeks,” says Vitorino. “This is exactly why the seller decided to exclusively list this redevelopment asset with our firm.”
The shopping center is located in a blue-collar area of Dallas/Fort Worth and was 98-percent occupied at the time of the sale.
“Marcus & Millichap’s collaborative culture gives us an unmatched ability to bring buyers and sellers together and source assets for first-time and out-of area investors,” adds Turchi.
The property is located at 3510 Altamesa Blvd. at the intersection of Altamesa Boulevard and McCart Avenue. Altamesa Boulevard is a prime retail corridor that connects southern Fort Worth to the downtown area. National tenants in the surrounding area include Walmart, Chase Bank, CVS, Chick-fil-A, Discount Tire, McDonald’s, Walgreens and Wells Fargo.
Anchored by Kroger, this shopping center features a complementary mix of tenants that includes Church’s Chicken, GameStop, LA Fitness, Office Depot, Sally’s Beauty Supply and Subway.
Kroger has been a tenant of the center since 1980 and recently spent extensive capital on its space and added a gas station to its site, which is on a long-term ground lease.