A large Dallas-based real estate investment company on Monday purchased the small Petaluma shopping center whose tenants include a St. Joseph Health family medicine clinic.

CH FSR I Petaluma Town Plaza LP, an affiliate of Crow Holdings Capital, acquired the two-building Petaluma Town Plaza property at 901 and 905 E. Washington St. from local investors Conrow 2006 Trust, Sherre Strum 2008 Trust, Robert and Jennifer Conrow Living Trust.

When it was sold, the 26,699 square feet of shop space was 64% occupied. Other tenants include FedEx Office, Sherwin Williams, Posh Nails and SalonCentric.

“Petaluma Town Plaza presented a tremendous opportunity to acquire a strip center with attractive value-add opportunities in a growing market,” said Warren McClean, one of the JLL agents who represented the sellers, in the announcement Friday. “The transaction demonstrates the continued strength of investor interest in unanchored retail assets with upside potential in strong suburban markets like Petaluma.”

In the retail real estate industry, a strip center or mall, because the shops are arranged in a line. These properties tend to not have an anchor, which is a tenant that itself draws in significant consumer foot traffic.

McClean said a plan for the Petaluma center under new ownership is to lease up the vacant “end cap” spaces at either end of one of the buildings. FedEx Office vacated one of those to move to a space in the other building formerly occupied by Pick n’ Go Market. A Sleep Number mattress store used to occupy the other currently vacant space.

Petaluma Town Plaza was built in 1991 on 0.83 acres. Eric Kathrein of JLL also represented the sellers.

Crow Holdings Capital came out of Trammell Crow Company, which started in 1948. It lists current assets under management of over $19 billion.

Jeff Quackenbush covers wine, construction and real estate. Reach him at jquackenbush@busjrnl.com or 707-521-4256.