The center was developed in 1999 by Rosemeade Equity Partners LP of Dallas, who was represented by Robert Lamm of Henry S. Miller Commercial. The new owner and first-time retail buyer is MTD Investments LLC, also from Dallas, who used Matt Talley of the Dallas-based Henry S. Miller Commercial to negotiate its side of a transaction that involved taking over a loan held by StanCorp of Portland, OR.
The lender's stiff requirements for the new owner caused two other contracts "to go south although they were good parties," Lamm tells GlobeSt.com. "We were pleased to finally have the right buyer."
The Caladium Canal, situated on the southwest corner of Rosemeade Parkway and Midway Road, sold at 92.7% occupancy, with leases locked down for three to five years, according to Lamm. Colina Caliente and The Reservoir, two popular area restaurants, hold the end caps. "We have strong personal guarantees in the leases so we think they'll be there for a long time to come," he says. Also on the roster are tenants such as Rhinos Coffee, Shuck N Jive, Planet Tan and Furniture Etc.
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