REIT Acquires Mission Gateway Retail Property In Rio Grande Valley For $16.6 Million

The transaction involved a retail property located at 1405 E Interstate Highway 2 in Mission, Texas. The asset was sold for $16,600,000 in an all-cash transaction. The property features notable tenants including Burlington and Murdoch’s, contributing to its market presence in the Rio Grande Valley.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $16,600,000
• Address: 1405 E Interstate Highway 2
• Market: Mission
• Asset Type: Retail

The sale was facilitated by brokers Don MacLellan, Jeff Conover, and Scott DeYoung from Faris Lee Investments. A Texas-based developer was the seller in this transaction, which involved the transfer of the retail center to an undisclosed real estate investment trust (REIT).