ARLINGTON, TX-An 8,484-sf shopping center, with a 100% occupancy, has sold for the near $1.6-million asking price to a Southern California investor who's added retail to a multifamily portfolio in Dallas/Fort Worth.
The private investor, using 1031 exchange funds from a SoCal sale, wasn't the highest bidder in a second marketing round for Pioneer Crossing at 2253 Carter Dr. in Arlington, but "was the most probable to close," Jason Vitorino with Marcus & Millichap's Dallas office tells GlobeSt.com. Both marketing runs produced at least five buyers for the seven-year-old center being sold by a private investor from Longview, TX, says Vitorino, who partnered with Philip Levy in Marcus & Millichap's Dallas office to sell the asset for the three-year owner.
"He bought it at the right time. With cap rates being where they are, he felt it was a good time to cash in," Vitorino explains. He says the free-and-clear sale closed "right on the penny" of the asking price.
Vitorino says the five-tenant center has no lease rolls until mid-2006. In fact, some tenants have just re-upped, he says. The center, positioned on three-quarters of an acre near US Highway 360, is leased to Sally Beauty Co., Pro Cuts, Dollar Store, a nail salon and a dentist.
Vitorino says the buyer owns retail in his home state, but Pioneer Crossing is the first of its type to roll into the Texas portfolio. The buyer owns multifamily assets near the center as well as some in Fort Worth, he says.
Stephen Stein and Olga Hague, a Marcus & Millichap team in Los Angeles, bargained for the buyer. A mortgage broker for BNC Capital in Dallas arranged financing.
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