Chicago, Illinois, June 19, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of The Shops at Abilene Village – an approximately 145,000-square-foot, newly constructed multi-tenant retail center anchored by Academy Sports + Outdoors in Abilene, Texas.
Brandon Duff, Regional Director in Stan Johnson Company’s Chicago office, and Tom Fritz, Senior Director, exclusively marketed the property on behalf of Pillar Capital Group, an Arizona-based private investment firm. Nooner Holdings Ltd., a private 1031 exchange investor based in Texas, purchased the asset for $20.1 million in early April 2019.
The Shops at Abilene Village is fully occupied and includes a new relocation store for Academy Sports + Outdoors, as well as a national tenant lineup that includes Burlington, Petco, Party City, and Five Below. The property is located at 3518-3542 South Clack Street, positioned directly off the Winters Freeway and visible by more than 104,000 vehicles per day.
“Since Academy was already proven in the submarket – with this being a relocation for them – combined with there being no other store locations within 90-150 miles for each of the other anchor tenants, as well as the property’s attractive new construction, we were able to generate strong buyer interest and multiple offers from a variety of different buyer profiles, especially private investors,” said Duff. “Private investors are the fastest growing buyer pool and typically have the most aggressive pricing for retail centers today. We leveraged our expertise alongside the Stan Johnson Company marketing platform to specifically target these private groups and ultimately identify the best buyer for the property.”
