Pacific Bay Investments was one of 10 offers on the table for the 930-50 Centerville Rd. center. Adam Howells, managing director with Holliday Fenoglio Fowler LP tells GlobeSt.com that Pacific Bay is on a buying binge of retail properties in the region. The JV recently acquired one of Broadmoor Village's neighbors, he says. Pacific Bay didn't return telephone calls to comment on its buying plans in Dallas/Fort Worth.
Though he wouldn't confirm the final price, Howells did say Broadmoor Village was on the market 30 days in a no-minimum ask scenario, with the deal taking six months from start to finish. Part of the delay was tied to lease negotiations with anchor tenant, Office Depot. Pacific Bay, up against one equal offer, won the nod of New Hyde Park, NY-based Kimco Realty Corp. because "they went ahead and did the due diligence before the renewal was signed," Howells says, adding the national line-up now has no lease rollover until 2009. The pot was sweetened when Sylvan Learning Centers Inc. took the last opening right at the closing, he says.
Howells teamed with HFF managing director Jim Batjer to sell the 6.3-acre asset. Jennifer Pierson with CB Richard Ellis represented the buy side.
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