The seller is a Dallas-based investment group, Hedgecoxe/Independence 99 Ltd., which bought the 1980s-era building in 1999 from Wal-Mart Properties Inc. of Bentonville, AR. The turnaround play has resulted in a fully leased, triple-tenant asset at 1250 William D. Tate, just off Texas 114. At one time, though, the property was substantially vacant, Scott Lynn, director and principal of Metropolitan Capital Advisors Ltd. in Dallas, tells GlobeSt.com. The redeveloped building now houses Petco, JoAnn Fabrics & Craft Store and the Winfree Academy Charter School.
LaSalle Bank cleared a 10-year, non-recourse loan for the acquisition, brokered by Jennifer Pierson and Jerry Luterman, both with CB Richard Ellis Inc. in Dallas. The buyer also turned around 1031 Exchange proceeds from a multifamily sale outside the Texas line, according to Lynn.
The 6.6-acre tract is contiguous to the Grapevine Towne Center, sharing common interior roads with nationals like Target, Ross Dress for Less, Linens 'N Things, Barnes & Noble, Pier I and Office Depot. The Minnesota buyer's new holding is assessed at nearly $3 million by the Tarrant County Appraisal District.
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