GRAND PRAIRIE, TX-A two-year owner of an 18,150-sf shopping center has closed out a repositioning, landing a buyer within three weeks of the listing hitting the streets. The fully leased South Carrier Crossing has changed hands for close to the $2.75-million ask.
A limited liability company from Edmonton, Alberta, up against three other would-be buyers, purchased the 3758 S. Carrier Pkwy. property from a private investor in Fort Worth. "It was the quickest close and the buyer that we felt was the most probable to close," Philip Levy with Marcus & Millichap Real Estate Investment Brokerage Co. tells GlobeSt.com.
The seller bought the 2.2-acre center in October 2003, with just three tenants after three years of being open, and undertook a re-tenanting with a short hold before returning it to the market, he says. CitiFinancial is the center's lone national name and the rest of the mix are local retailers.
The deal's sweet spot, says Levy, is the leases essentially are new for the first-time Texas buyer, who had Michael Hackett in Marcus & Millichap's Phoenix office running his side of the deal. But, Levy says the obstacle to overcome was the property's operating records only reflected margins since October 2003. "That was a bit difficult," he says.
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