ARC carts off Austin’s Northcross for $62M

AUSTIN – The 280,243-sf Northcross Mall was purchased by Phillips Edison-ARC Shopping Center REIT for $61.5 million. Currently, Northcross is approximately 95.1 percent leased to 34 tenants, including a 98,800-sf Walmart Supercenter.

Walmart occupies approximately 35.3 percent of the total rentable sf of the center at 2525 W. Anderson Lane.

The Walmart Supercenter lease expires in March 2029, and the total average rental rate over the remaining lease term is approximately $67,925 per month. Walmart has 17 options to extend the term of its lease by five years each. Northcross Property LLC sold the center on 27 acres of land.

The $650 million portfolio purchased by ARC included three other properties:

• Albuquerque, New Mexico – The 151,451-sf Pavilions at San Mateo on 13.9 acres sold for $28.4 million. The 86.2 percent leased property is home to 23 tenants, including a Walmart Neighborhood Market. Weingarten Nostat Inc., a Texas corporation sold the property.
   
• Kennesaw, Georgia  – The 139,720-sf Shiloh Square was sold for $14.5 million. Shiloh Square is approximately 80.5 percent leased to 16 tenants, including a Kroger grocery. The property is in the Atlanta MSA.
   
• Milwaukee, Wisconsin – The 87,503-sf Glenwood Crossings is anchored by a 55,000-sf Pick ‘n Save grocery
   

Read more at the Securities and Exchange Commission.