Direct Retail Partners Becomes 417K-SF Market Heights Shopping Center Owner — Again

In 2008, Direct Development delivered the Market Heights Shopping Center, a 417,167-square-foot regional lifestyle center in Harker Heights, TX. Twelve years later, the developer, now operating as Direct Retail Partners, re-acquired the Target-shadow-anchored, Central Texas asset at 201 E. Central Expwy. in an off-market transaction.

Adam Howells with JLL led the capital markets team representing the seller in the transaction. According to public record, the seller is listed as Cole Mountain Harker Heights TX LLC of Phoenix, AZ, which was traced to Cole REIT Advisors IV LLC. CIM Group operates many of the Cole non-listed REITs. In addition, JLL’s Mark Brandenburg and Tim Jordan arranged an equity contribution, and secured a four-year, floating-rate acquisition loan with Bayview Asset Management.

The center is situated on 62.2 acres near Fort Hood, and is 89.4% occupied, with the tenant line-up including Cinemark, Dick’s Sporting Goods, Barnes & Noble, Ross Dress for Less, Old Navy, Petco, Ulta Beauty and Bed Bath & Beyond.

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