Mansfield Pointe Shopping Center in Dallas MSA Set to Trade for $28.4M

Mansfield PointeInland Real Estate Income Trust Inc is evaluating the purchase of a fee simple interest in Mansfield Pointe Shopping Center, a 148,529 square foot retail center in Mansfield, TX, for approximately $28.4 million in cash, plus closing costs. The seller is Mansfield SEQ 287 & Debbie GP, LLC.

The property is 96.7% occupied. It is shadow anchored by a SuperTarget, which includes a grocery component, and a Home Depot, which will not be part of the acquisition.

Mansfield Pointe Shopping Center is located on US Highway 287, almost equidistant from Dallas, Fort Worth and the Dallas-Fort Worth International Airport.

As of March 28, 2014, Mansfield Pointe Shopping Center was leased to 13 tenants. The weighted-averageMansfield Pointe 2 remaining lease term for the tenants occupying the property is approximately 7 years. There are three tenants occupying greater than 10% of the total gross leasable area of the property.

Sports Authority, a national sporting goods store, leases 40,527 square feet, or approximately 27.3% of the total gross leasable area of the property, and pays annual base rent of approximately $547,000, or approximately 25.4% of total annual base rent of the property. Sports Authority’s lease expires in January 2019, and there are four five-year renewal options, which may be exercised at the option of Sports Authority as set forth in the lease.

PetSmart, a national pet supply store, leases 27,446 square feet, or approximately 18.5% of the total gross leasable area of the property, and pays annual base rent of approximately $439,000, or approximately 20.4% of total annual base rent of the property. PetSmart’s lease expires in December 2023, and there are five five- year renewal options, which may be exercised at the option of PetSmart as set forth in the lease.

Bed Bath and Beyond, a national home goods store, leases 23,400 square feet, or approximately 15.8% of the total gross leasable area of the property, and pays annual base rent of approximately $228,000, or approximately 10.6% of total annual base rent of the property. Bed Bath and Beyond’s lease expires in January 2024, and there are three five- year renewal options, which may be exercised at the option of Bed Bath and Beyond as set forth in the lease.

The other tenants leasing at least 2,000 square feet are Party City Corporation, Half Price Books, Sleep Experts, Massage Envy, Aqua Tots, Debbie Lane Dental & Orthodontics, Legacy Salon Suites, Title Boxing and Paradise Nail Spa.