Marcus & Millichap closed the sale of Parker Square Shopping Center, a 94,532-square-foot multi-tenant retail property in Wichita Falls, Texas.
Chris Gainey and Philip Levy, investment specialists in Marcus & Millichap’s Fort Worth and Dallas offices, respectively, exclusively marketed the property on behalf of the seller, one of the largest privately held real estate firms in the United States, and procured the buyer, a Dallas-based high-net-worth individual.
Parker Square Shopping Center is located at 2901 Kemp Blvd. Built in 1955, the 23-suite property is on almost 12 acres and was 97% occupied at the time of sale. Crunch Fitness anchors the center, and occupies approximately 43% of the center’s rentable area, while roughly 68% is leased to national or regional tenants. All leases are structured on a triple-net basis. The center is also shadow-anchored by Cinemark Theatres and sits at the signalized intersection of Kell Boulevard and Kemp Boulevard with strong visibility and freeway access. The buyer obtained traditional financing and plans to hold the property long term.
