Albanese Cormier Snags 105 KSF Shopping Center in Texas
- Jul 05, 2018
Albanese Cormier Holdings has acquired Renaissance Square, a Class A shopping center in Fort Worth, Texas. Hanley Investment Group Real Estate Advisors represented the buyer in the transaction.
Located at 2700 Renaissance Drive, the asset was built in 2014 and is situated on a 20.7-acre lot. Comprising 105,605 square feet, Renaissance Square is shadow-anchored by a recently built Walmart Supercenter. The property is anchored by Ross Dress for Less, Shoe Carnival, Dollar Tree, Marshalls, It’s Fashion and Hibbett Sports. The deal also included an outparcel that features Pizza Hut, Legacy Texas Bank, Wingstop and Metro PCS.
Hanley’s Executive Vice President Eric Wohl and Associate Andrew Cunningham worked on behalf of Albanese Cormier Holdings in the deal. CBRE Houston’s Senior Associate Jeffrey Jackson represented the seller, Moriah Real Estate Co.
“Private and institutional buyers seeking stable cash flow were attracted to this asset due to long-term lease commitments from the anchor tenants and nearly 90 percent of the revenue stream being generated from national retailers,” Wohl told Commercial Property Executive.
Just last week, Hanley arranged the $9.8 million sale of RC Plaza, a neighborhood shopping center in Rancho Cucamonga, Calif. The firm worked in partnership with Voit Real Estate Services to represent the private seller in the transaction.
Image courtesy of Hanley Investment Group Real Estate Advisors