Dallas-Based High-Net-Worth Buyer Acquires Parker Square Shopping Center In Wichita Falls For $XXM

The asset involved in the transaction is Parker Square Shopping Center, a retail property located at 2901 Kemp Boulevard in Wichita Falls, Texas. The center spans a total area of 94,532 square feet and sits on 12 acres of land. The property was constructed in 1955 and consists of 23 suites, showcasing a 97% occupancy rate, with notable tenants including Crunch Fitness, as well as various national and regional retailers.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: Not disclosed
• Address: 2901 Kemp Boulevard
• Market: Wichita Falls, TX
• Asset Size: 94,532 SF
• Acreage: 12
• Occupancy Rate: 97%
• Broker: Chris Gainey & Philip Levy
• Agency: Marcus & Millichap
• Seller: Major private real estate firm
• Buyer: Dallas-based high-net-worth individual
• Financing: Traditional financing
• Investment Strategy: Long-term hold

Chris Gainey and Philip Levy from Marcus & Millichap represented the transaction, facilitating the sale between the major private real estate firm and the Dallas-based buyer. The involvement of Marcus & Millichap highlights their role as a broker in the transaction, emphasizing their expertise in handling retail property sales. The buyer's intention to hold the asset long term indicates a strategic approach to investment in commercial real estate.