FORT WORTH-Taking the next step in the development chain, Realty Capital Partners Inc. has hawked partnerships in a 17,000-sf shopping center to acquire it from a funding pool that helped to get it built. The 73%-leased, one-year-old holding has traded for $2.83 million or $166.47 per sf.
Donna Arp, president of Realty Capital, tells GlobeSt.com that 17 investors pooled $650,000 in equity to secure the deed, using Citigroup financing to retire a construction loan with a local bank. The average investment for Eagle Mountain Plaza at 8455 Boat Club Rd. was $35,000, she says. The deal sets up RCP GenPar Inc. as the general partner in the takeover from developer, Realty Capital Corp. of Colleyville.
Eagle Mountain Plaza's largest tenant is Kelly's Sports Restaurant, occupying 3,809 sf. The asset's average rent is $17 per sf, triple net. "We feel it will be good income," Arp says. "We anticipate it will stay full at all times."
The 1.7-acre shopping center has 270 feet of frontage along Boat Club Road plus sits at the crossroads with Golf Club Drive, the only road leading into several high-end subdivisions. In the next two years, another 15,000 homes are planned for the area. "The location and the projected growth in the area made this a perfect fit," Richard Myers, CEO of Realty Capital, says in a press release. "The demand for retail space in this section of Fort Worth is surging and we expect to be fully leased within a few months."
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