HARKER HEIGHTS — Market Heights Shopping Center, a 62.23-acre retail site at 201 East Central Texas Expressway, has been sold to its original developer.
Direct Retail Partners, operating as Direct Development, developed the 417,167-square foot regional shopping center in 2008. The company announced earlier this month that JLL Capital Markets has arranged for the sale and financing of the shopping center, according to a news release.
The purchase price was not immediately disclosed.
JLL worked on behalf of an institutional seller and procured the buyer in an off-market transaction. JLL also arranged an equity contribution and placed the four-year, floating-rate acquisition loan with Bayview Asset Management.
Market Heights Shopping Center, one of the Temple-Killeen area’s larger retail sites, at the corner of Interstate 14 and FM 2410, sees a combined 58,930 vehicles per day. The center is 89.4 percent leased and home to a diverse retailer lineup that includes Cinemark, Dick’s Sporting Goods, Barnes & Noble, Ross Dress for Less, Old Navy, Petco, Ulta Beauty and Bed Bath & Beyond, along with shadow anchors Target, Cracker Barrel and Chick-fil-A.