Dunhill Partners Acquires Northcross Shopping Center, Victoria, Texas
Dallas based, Dunhill Partners acquires NorthCross Shopping Center, a stabilized 206,284 sq.ft. regional shopping center on the prime retail corridor in Victoria, Texas. The asset is 91% leased with strong cash flow and prominent national tenancy, including: Ace Hardware, Ashley Furniture, Dollar Tree, Jason’s Deli, Office Depot, and Tuesday Morning.
Dunhill’s Chairman and CEO, Bill Hutchinson, who lead the acquisition team, said “the acquisition of NorthCross Shopping Center provides an excellent addition to our expanding portfolio of high quality, strategically located retail centers. Despite the high interest rate environment, we are able to secure attractive properties, with favorable financing terms, allowing our clients to realize stable income generation while benefitting from a healthy return on capital over the investment period.”
“We are very pleased with Victoria’s strategic positioning as the midpoint between Houston and Corpus Christi, TX which offers access to an expansive trade area of 250,000 consumers while contributing to the areas exponential growth, which will increase NorthCross Shopping Center’s value over time. ” said Hutchinson.
Dunhill Partners is one of the largest privately held commercial real estate investment companies in the U.S. consummating over $5 billion in acquisitions, including the acclaimed Dallas Design District which sold earlier this year. “We’ve navigated various challenging economic cycles during our 38 years of operation and this environment is no exception,” said Hutchinson. “Our investment team continues to source opportunistic properties that meet our rigorous due diligence standards. We have several other exciting deals in the pipeline and expect additional announcements in the coming months. ”