The Dallas-based Clearview, led by Hal Pettigrew, recently closed on a 102,100-sf shuttered Target in Plano. The newest acquisition--the 85%-leased Vineyard Marketplace at the northeast corner of Glade Road and Texas 121 in Grapevine--was developed by Cencor Realty Services, affiliate for the Weitzman Group, and sold by Vineyard Marketplace LP. Weitzman's Greg McDonald and Eddie Liebman with Weitzman's investment properties group, and Randy Woodruff, the affiliates' CFO, handled negotiations on the seller's behalf.
McDonald tells GlobeSt.com that the 12.5-acre Vineyard Marketplace came to market without an ask, went under contract and fell out when it was in the title company. "Clearview came in after the other deal was dead," he says.
Texas' non-disclosure standing has the selling price under wraps, for now. Comparable retail properties have been fetching $100 per sf to $200 per sf--with anchors in place. The Vineyard Marketplace, built in 1998 and 2000, is assessed at about $11 million by Tarrant County, but a lengthy marketing, empty anchor and Clearview's known buying habits are definite signs that the selling price hugged the appraisal. All McDonald will say is "it was a fair price for both sides."
McDonald says the property was on the market at least a year due to the empty Winn-Dixie. As sale talks progressed, lease negotiations produced a new anchor--Hobby Lobby, which is planning to open by Thanksgiving. The retailer, signing a long-term lease, was represented by Paul Burkhart of Concordia Equity in Dallas.
Vineyard Marketplace's roster is a mix of national retailers and restaurants. The Weitzman Group will continue to lease the asset.
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