FORT WORTH-Beverly Hills, CA-based First Allied Corp. has paid in the neighborhood of $20 million for the 100,000-sf Cityview Towne Crossing, a 21-acre project that delivered earlier this year in one of Fort Worth’s strongest retail corridors outside its CBD.
The 95%-leased project is a joint venture of equity partner, Today Realty Advisors Inc., and developer, Weber & Co. The property went up for sale about three months ago, but First Allied, which had bought before from the Dallas-based Today-Weber team, was earmarked to make the close rather than actively take it to market.
“That buyer is a real buyer for us,” David Brauss, Today Realty Advisors’ asset manager, explains to GlobeSt.com. Ken Shulman of the Staubach Co. in Dallas brokered the sale.
Cityview Towne Crossing, which leases for $18 per sf to $23 per sf, is part of a 44-acre, 323,000-sf retail development brought out of the ground by the joint venture. But, it’s also part of a 1.3-million-sf retail hub–Hulen Mall and Cityview Center–that fronts Interstate 20.
First Allied’s new buy has an inline roster filled with national retailers, such as Payless Shoes, Staples, Petco, Mattress Firm, Starbucks and Car Toys. The deed for 5900 W. Overton Ridge also came with a ground lease held by Babies R Us. Super Target, which owns its portion, stands as the anchor.
Brauss says the relationship with First Allied made it the logical buyer. In October 2001, First Allied acquired the 83,736-sf Polo Towne Crossing in Plano and 85,037-sf Allen Central Market Shopping Center from the Today-Weber JV. The relationship, he hints, is far from over.