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05/21/2012

North Richland Hills shopping center sold, owners plan to redevelop

NORTH RICHLAND HILLS — The Crossing at the northwest corner of Precinct Line Road and Grapevine Highway has been sold to Centennial Real Estate Co., which said it plans to revamp the shopping center.

The 247,720-square-foot center, anchored by Kohl’s department store and a Kroger Signature grocery store, was developed and opened in 2000 by Fort Worth-based Trademark Property Co. It sold the center in 2003 to Boston-based Heritage Property Trust.

Kroger opened in 2001 in a former Minyard grocery store space.

This is the third property Centennial has bought in northeast Tarrant County in recent months. In late 2011, it bought the Village Park at Colleyville, at Colleyville Boulevard and Texas 26. The deal included 133,771 square feet of retail space.

Centennial, with offices in Dallas and Los Angeles, said it owns more than 2 million square feet of shopping centers, lifestyle centers and malls in the southwest and western sections of the U.S., including a mall in Pueblo, Colo., and a mall in Chico, Calif.

"We saw an opportunity with The Crossing to enhance an important asset to both the community and existing retailers," said Steve Levin, Centennial’s president, in a statement. "We plan to improve the center’s overall appearance and work to fill unmet needs of the community by introducing an exciting line-up of new retailers and other complementary tenants over time."

Centennial bought the property under the name A C Crossing Partners and financed the deal with a $10.6 million note with Inwood Bank, according to deed records. It was sold by Gateway Grant Inc. in New York, which bought the property in 2007.

- Sandra Baker

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