GlobeSt.com EXCLUSIVE: 39,625-SF Tara Village Sells

The deed to Tara Village at 1009-1101 Cheek Sparger Rd. in Colleyville has flipped after a two-year hold from locally based Plaw Investments LP, led by Amanda Ho, to Wes Walters Realty Inc. of Austin. The transaction marks the fifth time that Tara Village has traded since it was built in 1987.

"We were eyeing this for awhile and we were finally able to pencil a deal," says Amir Moazami with Wes Walters Realty. "At the time we got it under contract, others were trying to pencil a deal. We just happened to get in the door at the right time."

Moazami tells GlobeSt.com that the center sold for a 10% cap on existing income. The 93%-leased Tara Village has a quoted rent range of $14 per sf to $16 per sf triple net.

The center's age probably keeps it from being a true class A, "but in my heart, it's a class A," Moazami says of a 4.6-acre, high-profile asset nestled in a one-mile trade area with an average annual household income of $115,000. Plenty of upper-class rooftops, professional offices as the immediate neighbor and little to no competition in the surrounding blocks made the deal well worth the chase, he says of a "specialty center with high-end retail."

The takeover plan will bring a new roof for the center while the Wes Walters team chases a tenant or tenants for a developable tract of slightly less than one acre. Moazami says there isn't "a specific build-out time, but the ball's rolling" as he sets out in search of a commitment to jumpstart construction.

Moazami says 1031 Exchange capital and new debt were teamed to close the deal, which was brokered by him and Plaw Investments' principal. Moazami's quiet about the selling price, but the Tarrant County assessment is pushing $2.1 million. Given today's appetite for retail, the center undoubtedly surpassed the assessment by quite a bit. Walters' MO is to buy and sell in the $3-million to $15-million price range.