A Dallas-based Real Estate Investment Trust (REIT) acquired a retail space at Independence Mall this week for $7.5 million.

NS Retail Holdings LLC purchased the 28,575-square-foot retail space that houses grocery store Lidl from mall owner Independence Mall Territories LLC, according to a deed recorded Wednesday.

NS Retail Holdings lists the same Dallas address as NETSTREIT, a publicly traded REIT. The deed lists Chad Shafer, NETSTREIT's senior vice president for real estate and underwriting, as an NS Retail Holdings representative.

Officials with NETSTREIT and mall owner, 4th Dimension Properties, were not immediately available to comment on the transaction on Thursday.

According to its website, NETSTREIT acquires, owns and manages a “diversified portfolio of single-tenant net lease retail properties with high-credit quality tenants across the United States.”

The firm’s website states that it looks for tenants in necessity-based or e-commerce-resistant industries. It also targets tenants with durable cash flows, located in undercapitalized market segments and with long-term leases, among other factors.

A REIT is a firm that owns, operates or finances income-producing real estate, allowing individuals to invest and earn a portion of the income produced. 

In early May, 4th Dimension Properties established two condominium units at the mall, according to documents filed with the New Hanover County Register of Deeds. The first unit encompasses the Lidl, while the second 22,910-square-foot unit houses Ulta Beauty, LensCrafters and Five Below. 4th Dimension Properties currently retains ownership of the second condo unit.

This is the second acquisition at the mall in recent months. In April, Chicago-based real estate investment firm Northpond Partners purchased two retail strip buildings at the mall in an $8.75 million deal.

The retail strip buildings, along with the retail spaces that sold this week, were constructed as part of a redevelopment project at Independence Mall announced in 2018. It included the demolition of the former Sears building, the construction of new retail spaces in its place and the development of nearby outparcels.

Last summer, Florida-based 4th Dimension Properties acquired Independence Mall for more than $48 million from Rouse Properties. The purchase did not include the mall’s anchor tenants, Belk and Dillard’s, which own their buildings.