shopping center is now in the
hands of Zerby Interests.
CARROLLTON, TX-Zerby Interests of Oklahoma City acquired the 136,267-square-foot Northcrest Village shopping center from Miami-based LNR Partners LLC. The buyer plans to stabilized the 1980s asset through co-tenancy.
Though the center at 3044 Old Denton Rd. is on a prime piece of real estate at the southeast corner of Old Denton and Frankford Roads, a search through Denton Central Appraisal District records shows that the retail property had been in some trouble since the late 2000s. Records show that, in 2005, David E. Claasen sold the property for $16.5 million to a Dallas-based entity operating under the name of Northcrest Village LP. Beginning in 2009, JP Morgan Chase Bank was listed as the owner, as was Bank of New York Mellon Trust Co. LNR is listed as the owner of the property in 2010.
All of that seems to be in the past, however, especially with ALDI Grocery as the main tenant, sharing the center with other national tenants including Taco Bell, KFC, Starbucks, Subway Restaurant and Allstate Insurance Co. “Northcrest Village was an appealing property for us to acquire for several reasons,” noted Caleb Hill, principal, Zerby Interests, in a press release. “The shopping center is in a great location with several well established tenants. It fit our investment criteria, and once stabilized with a beneficial co-tenancy, we feel the shopping center will once again be a vibrant hub for shoppers in Carrollton and the surrounding areas.”
“In today’s market, buyers want upside with some stability; Northcrest Village offered both,” added Jennifer Pierson, managing director, private capital group and senior vice president, investment properties at CBRE in Dallas. “Our buyer pool is deep and bicoastal, which resulted in significant interest in this asset. We could have sold it ten times over.” Pierson teamed with CBRE colleague Beth Pierson to represent LNR with the sale. The sales price was undisclosed.