CREW-Backed Pool Buys Industrial Asset

An investment pool of all CREW members is backing the 4510 Duncanville Road deal. In all, 21 investors from Dallas and San Francisco took a stake in the organization's fourth acquisition.

Eliza Solender, president of Mujeres Empresarias Inc., the general partner for Mujeres Banderas, tells GlobeSt.com that the deal closed with 40% down and a five-year loan from Comerica Bank. The interest is a fixed rate at sub-8%. She says the plan is to hold the asset "through the term of the lease."

Mujeres Banderas, formed in 2001, is pushing a business plan to build a $100-million portfolio over time. The acquisition criteria is $2 million to $15 million per deal, but it's obvious that the members also are latching onto opportunities for less than $1 million in a below-the-radar approach to gain some footing.

Solender says the 2007 goal is to purchase at least two more properties. "We have CREW members from all over the country who want to invest with us," she adds. A previous deal included investors from New York and New Jersey. Interest also has come in from CREW members in Florida.

The Makit deal was brokered by Adam Graham of Lee & Associates Dallas. Solender says the asset's condition and positioning in the Redbird Industrial District were the dealmakers. "We like that part of Dallas. It has a good potential," she explains. "And it's in excellent shape, a good location and good tenant." Mujeres Empresarias will manage the triple net-leased, 1.7-acre property for the 37-year-old Makit, also the creator of Make-A-Tree and Make-A-Plate.

The acquisition executive committee consisted of Solender, founder of Solender/Hall Inc., Michelle Hudson of Burr & Temkin Commercial and Lorraine Teel with StratVisor Group. CREW member Kathy Treat of Newbanks inspected the property, Irene Hosford of Hosford Law PC provided legal services and Carole Badgett of LandAmerica American Title completed title and tax searches. Other Dallas CREW investors are Diane Butler with Butler Burgher Inc., Catherine Howell with Post Properties, Janice Peters with Burr & Temkin Commercial and Kathy Hansen with Spenser Commercial.

The San Francisco CREW members early last year formed Athena Investment Group to follow in the footsteps of Mujeres Banderas. Athena's first investment provided unsubordinated debt for a project in the Rockridge/Temescal neighborhood of Oakland, CA.