Arlington Property Loses Anchor But Gets New Owners
Rockstreet Partners, the Dallas-based real estate investment firm, has completed its purchase of the 86k SF Cooper Oaks Crossing shopping center in Arlington for an undisclosed price. The off-market deal was made by a JV between Rockstreet and Austin-based Cielo Property Group, according to the Dallas Business Journal.
Cooper Oaks is at the southeast corner of South Cooper Street and SW Green Oaks Boulevard, just south of I-20 and The Parks at Arlington Mall.
The shopping plaza has 62k SF of available anchor space, after losing its anchor tenant—a Tom Thumb grocery store—due to a merger between Tom Thumb’s parent company, Safeway, and Albertson’s.
Rockstreet's John Turner is confident that the vacancy represents a major real estate opportunity in the area. He says the new owners’ priority is to lease the anchor space to the right retailer, benefiting the immediate community and bringing much-needed capital investment to the property. [DBJ]