DALLAS-A Beverly Hills, CA investor, seeing upside in converting leases to triple net, has taken control of a 120,215-sf vintage shopping center in Oak Cliff. Sources believe the closing price matched the $4.5-million ask.
The Crest Shopping Center at 2603 S. Lancaster Rd. had one 1,300-sf vacancy and an empty 9,000-sf theater at sale time, Gerald Luterman with Marcus & Millichap Real Estate Investment Brokerage Co.'s Dallas office, tells GlobeSt.com. The new owner, who's also building a residential high-rise in Turtle Creek, plans to upgrade the 9.6-acre center and "recast the leases," he says, citing the average rent today is just $6 per sf gross. The center's anchors are a 17,000-sf Sav-a-Lot and 10,400-sf Auto Zone.
Luterman says the California investor plans to lease and manage the class C property. The hunt has started for a tenant to fill the theater, which has been empty nearly a decade. Salim Abboud with Marcus & Millichap's West Los Angeles office bargained the acquisition for the buyer.
Meanwhile, Lancrest Properties LP is planning to deploy the gain into a meeting hall project near Loop 12 and Interstate 30 in South Dallas, according to Luterman. The deal, which ended a two-year hold, pulled in several offers from local would-be buyers, he says.
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