A brother and sister, whose names aren't being revealed, acquired 6607 Hillcrest Ave. in Snider Plaza. The tenants are Park Cities Pilates Center, Bath Junkie and Spicey II, all holding leases that kicked in last year.

Snider Plaza, developed in the late 1940s, is a high-demand location due to its University Park address and proximity to the SMU campus. And that was just why the California duo chased the deal, placing it under contract ASAP to beat out several others lining up for the offering, Jerry Luterman, vice president of CB Richard Ellis Inc.'s Dallas office, tells GlobeSt.com.

Luterman and Jennifer Pierson, also a CBRE vice president, were the only brokers involved in the transaction of the 4,500-sf building. Seller SLJ Investments of Dallas had owned the property for three years, according to Luterman.

A tighter-than-usual, non-disclosure clause is keeping a lid on the asking and selling prices. According to the Dallas Central Appraisal District, the holding was assessed at $542,950 for 2002.

The siblings sold a property in California and used the proceeds, along with outside financing, to complete the sale, Luterman says. Built in 1947 and remodeled in 1995, the asset was bought strictly for investment, with a plan for a long-term hold.

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