Trinity Acquisitions & Investments Inc. of Euless secured a 10-year loan with a 6% fixed-rate interest at an 82% loan-to-value ratio to close the deal with Raywood Interests of Dallas, Todd McNeill, senior director for Dallas-based Metroplitan Capital Advisors Ltd., tells GlobeSt.com. Bear Stearns of New York City got the nod due to a prior relationship with the buyer plus "they were the best quote," he says of a field of seven lenders eyeing a 21-year-old, grocery-anchored property with a Lowe's Home Improvement, Home Depot and a soon-to-be-built Wal-Mart Supercenter as the immediate neighbors. The deal closed at a cap rate exceeding 9% and leases, averaging $12.46 per sf, in place for the long term.
The Lake Worth Shopping Center at 3933-3999 Boat Club Road sits on eight acres at the intersection with Jacksboro Highway, the main thoroughfare, with ingress and egress from both arteries. Aside from the built-in perks due to location, Trinity's 60,795-sf anchor, the Boise, ID-headquartered Albertsons, is planning a full-scale renovation in second quarter 2005, McNeill says, adding the new owner will do its upgrade at the same time.
The 98%-leased center's roster includes General Nutrition Center, Sally Beauty Supply, Sherwin Williams, Cato Fashions, Dollar Tree, Subway and CiCi's Pizza. Trinity leases and manages its portfolio in-house.
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