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Friday, April 16, 2021

Shopping center in Southlake sold

A shopping center at the center of the Southlake’s Retail District was recently sold to a private exchange buyer.

Dallas-based Disney Investment Group brokered the sale of the 126,654-square-foot Kimball Oaks, located at the southwest corner of Kimball Ave. and Southlake Blvd. Strode Property Company was the previous owner.

The shopping center was 97% leased at the time of sale. A PGA Tour Superstore anchors the community retail center. There is also a Marshalls, a Tuesday Morning and a Bassett Furniture among other retailers and restaurants.

The businesses at the center have a weighted average remaining lease term of 12.2 years.

According to Disney, the sale closed within 32 days from the time when the professional services contract was signed, which is “significant since larger shopping center deals like Kimball Oaks rarely ever close this quickly.”

The shopping center is one of two shopping centers and a single-tenant retail properties Disney sold recently that totals more than $110 million.

Kimball Oaks is situated less than one mile away from Southlake Town Square, which was also sold by Disney about 15 years ago.

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