Richard Lapp with Dallas-based Joe Foster Co. tells GlobeSt.com that the investor sold 1661 Eastchase Parkway, a .65-acre tract, for $2.5 million to Fort Worth East Chase Associates, also from San Francisco. The land holds a 5,800-sf Care Now Health Facility, which is bound to the site for another decade with its triple-net lease, he says.
The seller reinvested the gain into a $2.1-million purchase of a 1.34-acre tract in Cypress Town Center from Kimco Exchange Place, an affiliate of New Hyde Park, NY-based Kimco Realty Corp., according to Lapp. The site holds a 7,000-sf Hibernia Bank branch that opened in March 2005. That lease, Lapp says, is good for another 14 years.
Lapp says the double deals, both all-cash closes, took about six months to finalize. Fidelity National Title in Dallas handled the Fort Worth closing and Veritas Title Partners in Houston oversaw the Cypress Town Center transaction.
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