The winner, HP Midway Market LP, cornered the deed with the highest offer on the table and high-dollar earnest money to reinforce its commitment to close, Greg Trout, president of Dallas-based Henry S. Miller Commercial's office division, tells GlobeSt.com. He and Michelle Hudson, also with Henry S. Miller, represented the seller, a Seattle-based pension fund. David Cook of the David Cook Co. in Dallas represented the buyer of the multi-tenant Midway Market, which sold for close to the list price of approximately $4.3 million.
"It's a first-class property," Trout says of the activity generated for an 18-year-old building on 6.6 acres at 2001 Midway Rd. About 70% of the 11 tenants are flex users and the balance are retailers. None of the leases roll until May 2005. According to the Henry S. Miller Commercial website, the asset was priced at $73.92 per sf and bore a 9.5% cap rate with a net operating income of $407,322.
"We knew this was a credible buyer, who had a lot of positives," Trout explains, adding the high-profile address did its part in hyping the sale. Midway Market sits close to Beltline Road, the Dallas North Tollway and Addison Airport.
The new owner, who has other holdings in North Dallas, will manage the asset with an in-house team. The tenant roster includes two restaurants, Texas Furniture Source Inc., Anytime Locksmiths, Midway Printing and Berkley Fabrics & Upholstery. The Dallas Central Appraisal District has levied a 2003 assessment of about $3.3 million on the holding, acquired in March 1996 by the pension fund seller, Dallas Industrial Portfolio LP.
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