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Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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Northcross Mall sells for $61.5M

NorthcrossMallSignNorthcross Mall (280,243 sf), located on 27 acres at Anderson Lane & Burnet Road, was recently purchased by Phillips Edison-ARC Shopping Center REIT for a reported $61.5 million.  The North Austin center was 95% leased at the time of sale.

The original Northcross structure was built in the early 1970’s.  In 2010, a 98,800-square-foot addition was completed and occupied by Walmart.

The Northcross purchase was part of a $650 million portfolio that included three other properties in New Mexico, Georgia, and Wisconsin.

Click to read Phillips Edison-ARC Shopping Center REIT Inc. Surpasses $650 Million in Total Portfolio Acquisitions (WSJ, 7-1-13)

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