HURST, TX-With two offers on the table, the long-time owner of an 11,900-sf shopping center has passed the deed to a Dallas investment group in a 90-turn from contract to close. The fully occupied asset, trading free and clear, brings close to the $775,000 ask for the seller.
SqFt Inc. of Dallas pocketed title to a 10-tenant center with no roll in leases coming this year, says Philip Cox, formerly with Marcus & Millichap Real Estate Investment Brokerage Co.'s Dallas office and now part of the new owner's team for acquisitions and leasing. He tells GlobeSt.com that the 108 S. Booth Calloway Rd. property was on the market just one week when the private investor from Fort Worth took the SqFt offer. "We got the money he wanted," Cox says.
Cox, the seller's broker, says a renovation most likely will be undertaken for the 37-year-old center, which sits along a secondary road in the Tarrant County suburb. The seller is a family trust that's controlled the 1.3-acre asset for decades. Joseph McElroy with SqFt handled the buyer's side of the talks.
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