Albertsons Trades 2 North TX Retail Properties
- Apr 24, 2018
Albertsons has sold two of its former grocery stores in North Texas to 356 Development. The properties, totaling 123,737 square feet of retail space, shut their doors last year. Venture Commercial acted on behalf of the seller in the transaction. Previously, 356 Development acquired a different Albertsons property in Frisco, Texas, which it transformed into a church.
“Over the past 12 years, Venture has represented Albertsons in the disposition of its North Texas stores,” said John Zikos, principal & managing partner at Venture, in a prepared statement. “Throughout this time, we have worked to find the right buyers and tenants that will result in providing needed services to the local communities.”
Closed stores, new opportunities
The first building, located at 150 E. Farm to Market Road 544 in Murphy, sits within six miles of U.S. Highway 75 in Plano, enabling accessibility throughout the Dallas area. The structure is part of the Shops at Murphy and is near a wide variety of shopping and dining options, including Walmart, Lowe’s Home Improvement, Chick-fil-A and Domino’s Pizza.
The second asset in the transaction is in the busy Denton Highway retail corridor in Watauga, at 8428 Denton Highway. Part of the Shops of Watauga, the building has remained vacant following Albertsons’ closure in 2017. The property is within 13 miles of downtown Fort Worth and near shopping options such as Target, Dollar Tree and The Home Depot.
John Zikos and Charlotte Cooper were part of the Venture Commercial team that represented the seller in this deal.
Image courtesy of Venture Commercial Real Estate