The private investor is marking his fourth buy with exchange proceeds, shelling out a combined $12 million for retail assets in Texas, Howard Fuerst of Marcus & Millichap in Dallas tells GlobeSt.com. "He loves Texas and he loves the retail here," he says, adding that the investor is turning around capital from the sale of a multifamily and industrial portfolio.
Fuerst says the Tweeter's Center, secured by the electronics giant's 20-year lease, brought in about $7.9 million for the Boston-area developer of the 3.8-acre site. The deal sold for a 9% cap rate, closing with some financing through Morgan Stanley Dean Witter's New York City office.
The center opened in March at 2595 Preston Rd. as periphery development for the three-year-old Stonebriar Centre, owned by Chicago-based General Growth Properties Inc. With about 5,000 sf vacant, the Tweeters Center includes the 12,000-sf anchor; 5,000-sf Bank of Texas; 6,400-sf Movies to Go; and 5,800-sf Coker's Floor Coverings. Fuerst says United Commercial Realty in Dallas will continue to lease and manage the property, which sits at the Preston Road entrance to the mall.
Fuerst brought buyer and seller together before the property could come to market. He represented the buyer while the seller had an in-house representative handle its side of the negotiations.
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