ALEDO, TX-A family-controlled investment group from Davis, CA, turning around 1031 exchange gain, has acquired an 18,125-sf, fully leased shopping center for nearly $2.3 million. The acquisition was funded with a 10-year loan at a 6.3% fixed-rate interest.
The partnership's first property in Texas was developed two years ago at 119 Ranch House Rd. in the Aledo-Willow Park area, west of Fort Worth. The mix of "mom and pop" shops are tied to leases ranging from three to five years, several of which were renegotiated prior to the sale "so none would be burning off too soon," Bill Jackson with commercial Mortgage Connection in Fort Worth tells GlobeSt.com.
The buyer's broker, Doug Woodson with Coldwell Banker's Fort Worth office, C-B/Kelly, Geren & Searcy, negotiated the sale and tenants' new deals. The buying partnership is made up of the Williams family, one of whom is a Coldwell Banker residential broker from Sacramento, according to Jackson. Penny Brittain with First American Title Co. in Aledo handled the closing. Details about the source of the exchange funds were unavailable.
Jackson says the $2.15-million financing, representing a 75% loan-to-value ratio, carries a 25-year amortization schedule. He says the acquisition financing with a New York City bank went full circle within 60 days.
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