Centcom Realty corp. with a group of private investors has purchased a retail portfolio of six neighborhood retail centers in West Texas. Valued at more than $32 million, the properties total 700,000 sq. ft. and are 78% occupied. Three are located in Midland, Texas, one is in Odessa, Texas, one is in Abilene, Texas, and one is in San Angelo, Texas.
"Our plans are to redevelop several of these well-located centers and create value through intense marketing and leasing efforts," says David Pemberton, chairman and CEO of the Dallas-based firm.
Pemberton adds that Centcom also plans to acquire an additional $100 million to $150 million of retail centers in the Southwest over the next 24 months. "We are looking for well-situated centers with upside potential and are willing to look in secondary markets to find these properties," Pemberton says.