Navika Capital Group, planning to invest about $100 million into Dallas/Fort Worth retail centers, got a fully leased asset at 3250 Pleasant Run Rd. from a local limited partnership, ABH Number One. As with Navika's other regional retail holdings, the Dallas-based Henry S. Miller Commercial will lease and manage the Courtyard.

The 22-tenant roster has no lease rolls this year, Jake Jordan, a Henry S. Miller Commercial associate, tells GlobeSt.com. "It was convenient. We had a lot of renewals," he says about the activity in the weeks leading up to the closing. A chief selling point, he adds, is the 14-screen, 49,642-sf Cinemark Theater has another eight years left on its term.

The 14-acre Courtyard, developed in 1981 along Interstate 35, sits across the street from Henry S. Miller Commercial's planned redevelopment of a 10-acre shuttered Kmart store and a grocery-anchored shopping center. It's also just a short drive from a new Wal-Mart supercenter and Home Depot. Jordan, who helped to broker for the buy side, says the Courtyard's rents are bringing in $8 per sf to $12 per sf, but the neighborhood is delivering $12 per sf to $15 per sf. "So, there's some upside in the rent," he says, adding the pick-up was made with a 9% cap rate on the actuals.

Navika secured financing from Lehman Brothers in New York City. All Jordan can say about the package it carried a 75% loan-to-value ratio.

Jordan teamed with Henry Miller associate Jim Leatherwood and executive vice president Darrell Hurmis to close Navika's second purchase in six months of a Dallas/Fort Worth shopping center near a Wal-Mart supercenter. Steve Mancillas and Tim McNamara with Cantex Realty Inc. of Dallas represented the seller.

In recent weeks, Cantex quietly led the sale of Wells Fargo Tower Northeast, a 75,310-sf, class B office building at 8701 Bedford-Euless Rd. in Hurst. Details about that deal are being kept under wraps, but word has reached the street about the trade because it's one of three high-profile office properties in its submarket. The tower, assessed at $5.6 million by Tarrant County, was 85.6% filled at sale time to a private investor from the San Francisco Bay area.

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