Praedium-Centennial JV Swaps Two Retail Centers for $11.5M

The JV dissolution is a matter of legalities and doesn't forego down-the-road partnering by the two established teammates, Chris Hughes, Praedium principal, tells GlobeSt.com. The newest sales--Village Park in Arlington and MacArthur/183 in Irving--take the disposition list down to one holding. Praedium provided part of the information about the portfolio disposition, but not quite all of it, opting to sit tight on the name, location and status of the outstanding property.

A Dallas investor spent $1.8 million for the 47,000-sf Village Park at 2220-2234 W. Park Row in Arlington. The 22-year-old center, positioned on about four acres, is 79% occupied, up 34% from when the JV acquired it in May 1999 along with the other four centers, according to Hughes. CB Richard Ellis Inc.'s Jennifer Pierson in Dallas and former CBRE broker, Matt Herring, negotiated the sale.

Just two days ago, another unidentified buyer spent almost $9.7 million for the 124,207-sf MacArthur/183 shopping center, situated on 5.2 acres at 1111 W. Airport Freeway in Irving. The 93%-occupied center is anchored by a Sack N Save, which was acquired in a separate transaction by the JV and sold with the center. Dallas-based Staubach Co.'s Ken Shulman co-brokered the sale with CBRE, according to Hughes. Shulman did not return telephone calls nor did Praedium follow through with providing either buyer's name before press time.

Key to the sales was the JV's ability to walk away with a profit. "Ours was a short-term value investment," Hughes explains to GlobeSt.com. "We're happy to leave something on the table for someone else."

In February 2001, the JV sold the 45,153-sf Village Park center in Colleyville. Six months later, the 59,600-sf Skillman Commons in Dallas went.