Henry S. Miller Companies recently sold Towne North Shopping Center, a 124,000 square-foot shopping center in Irving, Texas. Located at 3561 North Belt Line Road at the southwest corner of West Northgate Drive and Belt Line Road, the center is anchored by El Rancho Supermarket. Greg Miller, CEO and President of Henry S. Miller Companies, and Robert DuBois, Chief Financial Officer, represented the seller, an affiliate of Henry S. Miller. Disney Investment Group represented the buyer, an affiliate of Nayeb Group.
“Town North was a great asset for us for many years, wholly owned by the Miller family,” said Greg Miller. “When we purchased the center back in 2000, the Tom Thumb grocery store was a shadow anchor, meaning that is was separately owned. In 2008, Tom Thumb became available and we purchased it to complete the center.”
“Last year, Tom Thumb subleased its space to El Rancho Supermarket, and we immediately began receiving unsolicited offers to purchase the property. Accordingly, we began marketing the property to qualified buyers. We received many strong offers, and Nayeb Group won with the highest bid. They were very diligent and professional. John Nayeb is a terrific guy and will be a great steward of this asset for years to come.”
