Townsend Square, a 147k SF shopping center in DeSoto, has changed hands. Global Fund Investments, repped by Pierson Retail Advisors, sold the complex to Ron Avneri, an investor from Dallas. The price was undisclosed.
Jennifer Pierson, who leads Pierson Retail Advisors, tells us the buyer intends to focus on leasing up the property. Though both buyer and seller were happy with the transaction, there was one moment of consternation. One major tenant’s lease was up right before the sale closed. Fortunately, everything turned out fine.
Jennifer is now looking forward to her next deal: another retail center going under contract in Irving.
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