Centennial Real Estate Acquires Three North Texas Retail Assets
May 21, 2012 11:37 AM Eastern Daylight Time
DALLAS--(BUSINESS WIRE)--Centennial Real Estate Company announced the purchase of three retail centers in the Dallas-Fort Worth Metroplex.
“We saw an opportunity with The Crossing to enhance an important asset to both the community and existing retailers. We plan to improve the center’s overall appearance and work to fill unmet needs of the community by introducing an exciting line-up of new retailers and other complementary tenants over time.”
Centennial recently closed on the acquisition of The Crossing in April 2012. The Crossing is a 247,720-square-foot community center located in North Richland Hills, Texas. The Crossing is anchored by Kohl’s and shadow anchored by a Kroger Signature store. It is positioned at the northwest corner of the intersection of Grapevine Highway and the newly-widened Precinct Line Road, and lies within the civic core of North Richland Hills. Nearby are a variety of community destinations and amenities, such as the Venue at Hometown luxury apartments, the NRH2O Family Water Park, NYTEX Sports Centre, Birdville High School, the NRH Public Library, the BISD Fine Arts Complex and Stadium, and the recently completed, $25 million NRH Recreation Center.
“We are very excited to become part of the North Richland Hills community and participate in the strong economic activity happening here,” said Steve Levin, president of Centennial Real Estate. “We saw an opportunity with The Crossing to enhance an important asset to both the community and existing retailers. We plan to improve the center’s overall appearance and work to fill unmet needs of the community by introducing an exciting line-up of new retailers and other complementary tenants over time.”
Centennial will manage the center, and Greg Pierce and Rob Solls of UCR will handle leasing. In late 2011, Centennial also closed on two phases of the Village Park at Colleyville, which is located at the southeast corner of Colleyville Boulevard/Hwy 26 and Glade Road in Colleyville, Texas. The first transaction involved the purchase of 45,057 square feet of shop space, which had been foreclosed upon by its lender (Village Park Phase I). Village Park Phase I was 49 percent leased at the time of the sale. Centennial has already implemented a capital improvement program at the property. Centennial plans to lease up the existing vacancy and introduce retailers to cater to the rapidly growing Colleyville community. The second transaction involved the purchase of the remaining 88,714 square feet of junior anchor space at Village Park (Village Park Phase II). At the time of Centennial’s purchase, Village Park Phase II was 100 percent occupied by Goody Goody Liquors, Westlake Ace Hardware, and Vineyards Antique Mall. Centennial’s strategy behind the follow-on acquisition of Village Park Phase II was to obtain control of a majority of the property, which would in turn facilitate the execution of Centennial’s value-added business plan of a comprehensive re-positioning and redevelopment of the property.
About Centennial Real Estate Company, LLC
Founded in 1997, Centennial Real Estate Company is a commercial real estate firm specializing in the ownership, operation, leasing and management of high quality retail properties, including shopping centers, lifestyle centers and malls in the southwestern and western United States. Centennial targets opportunistic acquisitions which offer significant value creation and uses its expertise to reposition and lease each asset. With offices in Dallas and Los Angeles, Centennial operates a portfolio of more than two million square feet, including the 575,000 square foot mall in Pueblo, CO and the 500,000 square foot Chico Mall in Chico, CA. www.centennialrec.com.