ARLINGTON, TX-In a back-to-back transactions, a Carmel, CA-based investment company has bought the 87,857-sf Cooper Street Annex in a complicated move to get a key piece of fully leased, class A retail space along Interstate 20. The sale included an adjoining 50,000-sf box that had to be pulled from a national portfolio offering in an off-market play to complete the plan.
The Carini Co. acquired the shopping center from Frigger Associates Ltd. of Encino, CA, and the box--a former Service Merchandise store now leased to Ashley Furniture Co.--came from a near 2.1-million-sf portfolio that Cleveland-based Developers Diversified Realty Inc., Klaff Realty LP of Chicago and the Philadelphia-headquartered Lubert-Adler Real Estate Funds brought to market in June. Adam Howells, a Holliday Fenoglio Fowler LP director in Dallas, tells GlobeSt.com that Carini placed a contract one day and closed 24 hours later to shore up the 6.6-acre footprint at 1530 W. IH 20. Ashley Furniture holds a 10-year lease on the building and ground leased the land from Frigger Associates, says Howells, who's teaming with HFF managing directors Jim Batjer and Barry Brown on the 42-property portfolio sale.
Details about the Cooper Street Annex sale were unavailable by publication time. But, the asset was sold by Jennifer Pierson, Larry Casey, Doug Hazelbaker and Ryan Shore, all with CB Richard Ellis Inc.'s Dallas office. Retail sales along the corridor have been bringing considerably more than the assessments which, in this case, is $6.6 million. Not only does Cooper Street Annex have a front-row seat along the interstate, but it backs up to a big-box block of national retailers, anchored by a Home Depot, at the Cooper Street-Bardin Road intersection. It's also positioned across the freeway from Parks Mall. Based on nearby comparable sales, the strategic piece of retail most likely brought in the neighborhood of $15 million.
Besides Ashley's Furniture, Cooper Street Annex includes Lamps Plus, Party City and Billiards & Barstools. Frigger Associates bought the retail block in September 1996 when it was two years old, according to Tarrant County's tax records.
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