Seller North Main Monticello Partners, led by Steve Isbell of Dallas, harvested the gain from a four-year hold of two retail properties assembled in 1998-99 and renovated into one, the Old Main Shopping Center, Robert Grunnah, president of Dallas-based Henry S. Miller Commercial's Investments/Land Division, tells GlobeSt.com. The 88%-occupied, specialty center in the 100 block of North Main Street comes with leases averaging 3.7 years with the closest roll being three years out, he says.
The shopping center on 2.6 acres is assessed at $2.4 million. Given investors' appetite for retail and the property's positioning just two miles from the $480-million Gaylord Texan Resort & Convention Center, set to open April 2, the closing price undoubtedly brought considerably more than the Tarrant County assessment for the northeast corner of Main Street and Northwest Highway.
Grunnah, standing behind the confidentiality clause over the deal's financials, says the sale came about because Henry S. Miller vice president Elizabeth Stricklin broached the trade with an owner she knew for a quiet close of a high-profile property. Grunnah says the Grapevine-based partnership indicated the capital will be deployed into other real estate investments with longtime affiliate, Realty Capital Partners of Grapevine while the buyer, MTD Grapevine Ltd., got a fourth deed for a Dallas/Fort Worth retail portfolio.
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