News

Cypress, Texas — A joint venture between Charlotte, North Carolina-based Big V Property Group and Principal Asset Management has acquired Fairfield Town Center, a 355,000-square-foot power center located in Cypress, roughly 25 miles northwest of Houston. Tenants at the property, which was 99.5 percent occupied at the time of sale, includes HEB, Kohl’s, Academy Sports + Outdoors, Ross Dress for Less, HomeGoods and Cinemark, as well as various other smaller shops and restaurants. This acquisition marks Big V Property Group’s first institutional joint venture for the company.

Princeton, Texas — Faris Lee Investments has arranged the sale of Princeton Plaza, a newly constructed 11,266-square-foot convenience retail center located in Princeton, roughly 40 miles north of Dallas. The property, which was fully occupied at the time of sale, includes a mix of tenants including Tropical Smoothie Café, Pizza Hut, Hotworx, Modern Nail Bar, Princeton Dental and 380 Smoke & Vape.  Nick Miller and Shaun Riley of Faris Lee Investments represented the buyer, a local investor, in the transaction. The purchase is being financed with a 50 percent loan-to-value …

San Antonio — Sterling Organization has sold Park North Shopping Center, a 635,325-square-foot regional retail center in San Antonio. Local media sources report the purchase price was $115 million. Target anchors the property, which was 93.3 percent leased at the time of sale. Other tenants include Pinstack, Alamo Drafthouse Cinema, Norris Conference Centers and Outlaw Pickleball. The property also features approximately 42,381 square feet of immediate lease-up space. Chris Gerard, Barry Brown, Erin Lazarus and Whitney Snell of JLL represented Sterling in the transaction. The buyer was Dhanani Private Equity …