Cross Pointe Center Sold
5 Oct, 2010, Saginaw, Tx.
The Cushman & Wakefield of Texas, Inc. (C&W) Capital Markets Group led by Stephannie Mower announces the sale of Cross Pointe Center, a 45,465-square foot retail property on 7.2 acres located at 1441 North Saginaw Boulevard in Saginaw, Texas. Ms. Mower, along with retail disposition specialists Brandon Beeson, Tom Salanty and Will Walters, sold the property out of receivership. Centennial Real Estate was the buyer.
"This asset was offered out of receivership at an ideal time for a new investor to take advantage of the momentum that was built in leasing after foreclosure," said Ms. Mower.
"We were able to present the property to market with new national tenants and with letters of intent for the largest vacancy that would offer the new owner flexibility to shape the shopping center to fit their strategy," added Mr. Beeson.
Cross Pointe Center is 82.3% occupied with tenants including Hibbett Sports, Dollar Tree, RadioShack and CATO Fashions. The location, situated on the northwest corner of Business Highway 287/Business Highway 81/North Saginaw Boulevard and Bailey Boswell Road, is in a high-growth area of Saginaw where population has increased 5% annually in the 1990's and more than 13% annually during the last ten years.