DALLAS-A Los Angeles investment group has snagged its second corner at a prime retail intersection in North Dallas. For close to $12 million, Westwood Financial Corp. has gotten 50,771 sf of fully leased space in an off-market transaction with a local seller.
"We'd like to own all of it, but it's not for sale," Bilal Khatib, Westwood's senior associate of acquisitions and dispositions, tells GlobeSt.com. The chance to buy Lovers Lane Station at 5111 Greenville Ave. from Sherwood and Regents trusts came from Tom Salanty with Cushman & Wakefield of Texas Inc., who knew that Westwood would jump at the chance for a second piece of the intersection. The other two corners are owned by Dallas-based Lincoln Property Co.
Khatib says the all-cash sale closed within 40 days of Salanty's knock on his door. "We're fast closers," he stresses, citing an appetite to buy institutional-grade, infill retail assets in Texas, Georgia and Florida.
Lovers Lane Station is leased to the US Postal Service, Office Depot, Ace Cash Express and CVS/Pharmacy. Khatib says all leases "are good for a few years." Westwood's other foothold at the crossroads is Old Town Shopping Center, a Tom Thumb-anchored asset.
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