FORT WORTH-A 1031 exchange investor has planted his first flag in the Dallas/Fort Worth metroplex, acquiring a 32,000-sf, 92%-leased shopping center in East Fort Worth. Twelve offers rolled in within two weeks, all pushing the $3-million ask.
The private investor from San Francisco shelled out 75% in cash and financed the balance to make the winning run for the Woodcreek Village Shopping Center at 6725 Bridge St., Stephen Maulden in the Dallas office of Marcus & Millichap tells GlobeSt.com. The buyer, represented by Fireside Realty of San Jose, CA, turned around gain from the sale of a half dozen of rental houses in the Bay area, according to Maulden.
The 32,000 sf of retail space flanks both sides of a 57,000-sf Albertsons-owned grocery store. The property is positioned right off the Bridge Street ramp at the junction of Interstates 30 and 820.
Maulden says the new owner, who's eyeing additional acquisitions in Texas, hired the seller, Woodcreek Village Inc. of Fort Worth, to continue leasing and managing the 17-year-old asset. The seller, the center's overseer since it was built, bought Woodcreek Village three years ago.
Maulden says about 25% of the leases roll this year. The balance of the roster, made up of local tenants, is good through 2008, he says.
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