Local Investment Group Acquires 15-Tenant Shopping Center

"It's always maintained really good occupancy through the years," Ken Shulman, executive vice president with Dallas-based Staubach Co.'s investment sales group, tells GlobeSt.com. The 15-tenant center at 4043 Trinity Mills Rd. is a mix of local shops, the largest of which is a 6,000-sf laundry. The new owner, outsourcing the leasing and management, got a roster of long-time tenants with "just a few leases" rolling this year, Shulman says. The balance is "spread out over a number of years," he adds. "It's a very stabilized property."

The seller of record is Centennial Trinity Oaks LP, which got full control of the holding in January 2003 from an affiliate partnership with New York City-based Praedium Group LLC, according to Dallas County's tax records. The 23-year-old neighborhood center, positioned on 2.37 acres, is assessed at nearly $2.3 million.

Shulman says the shopping center, positioned near Addison Airport, first went under contract to a 1031 exchange investor from California, but the deal soon fell out. The Dallas-area investors not only knew the property, but had other holdings in the area, offering a certainty of close--and the highest offer in the revisited stack from the open-bid process--to win the deal, Shulman explains.

Shulman, teaming with Staubach vice president John Hammill, says the buyer assumed a loan that matures in 2013. Paul Huang with Richland Real Estate in Richardson represented the investment group.