FORT WORTH-A Hollywood star and her husband have applied 1031 Exchange capital from the sale of a Los Angeles mansion, used as a rental property, to buy Lincoln Village, an 18,396-sf shopping center with a key positioning in a retail redevelopment pocket of Fort Worth. The all-cash buy brought about $2.5 million.
Ruth Buzzi, one of Rowan and Martin's Laugh In headliners in the late 1960s and early 1970s, and her husband, Kent Perkins, a Fort Worth native, beat five other investors jockeying for the 20-year-old center at 6330 Camp Bowie Rd., Karen Simon with Dallas-based Bradford Cos. tells GlobeSt.com. Buzzy and Perkins, who live in Los Angeles, also own a home in Southlake, 25 miles northeast of Fort Worth. A second acquisition, most likely land, will be teamed with Lincoln Village to satisfy the exchange, Simon confides.
Simon and Perkins' father were business partners at one time so when it came time to do a 1031 Exchange she was "the logical choice." Simon says she heard through the grapevine that Lincoln Village was on the market. "For Fort Worth, it's extremely well located," says Simon, who leased the asset about seven years ago before it was sold to William Sui, the Arlington representative for Randol Asset Management Co., an Asian capital-backed real estate investment group. "This property has a lot of upside for Kent."
Simon says Lincoln Village was 85% leased at sale time, with the quoted rent running about $10 per sf less than its neighbor, a 21-acre, 350,000-sf redevelopment by Trophy Investments of Dallas. She is opening talks at $17 per sf, offering the 3,000-sf vacancy to existing tenants before taking it to market.
Start to finish, the transaction took 45 days to close, says Christopher Maling in the Los Angeles office of Marcus & Millichap, who teamed with Howard Fuerst in Dallas to market the asset for seller of record, 6R-2 LLC. "It was a very turnkey property," Maling explains. "It's a great opportunity to sit down with tenants to expand or bring in some fresh names."
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