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FORT WORTH-A Dallas investment group has taken over the 19,345-sf Hulen Park Plaza nestled in a thriving retail corridor in southwest Fort Worth.

Staking the claim to 7455 S. Hulen is Dallas-based Maylar LP, which has secured the northeast corner of Sycamore School and Hulen roads and a positioning in the middle of a road-widening project for up and coming development, which includes another 2,200 single-family homes and a new high school. Craig G. Johnson, a Maylar principal, tells GlobeSt.com that the transaction, closing at about $1.2 million, included the assumption of a low-leveraged loan with a pay-off lockout clause. That loan, he says, prevented others from closing the deal, but Maylar felt the 2.5-year commitment was worth it to get a nearly full center with upside potential in a high-growth submarket. The road being widened all the way to the next town is just an added perk.

Johnson says about $50,000 immediately will be put into cosmetic improvements for the 1980 vintage center situated on about 1.9 acres. Coy Quine & Associates of Fort Worth has been hired to lease a vacant 2,200-sf block and help with the repositioning play for a re-tenanting of some space as leases roll, Johnson says. Three of the 11 tenants were part of the original neighborhood services’ line-up while the others came on board in the mid-1990s.

Johnson and Maylar principal Stanley Hickman sat across the bargaining table from Karen Simon of Dallas-based Bradford Co.’s Fort Worth office, who represented seller, Candleridge LP of Fort Worth. The seller acquired the property, which is assessed at $750,000, six years ago from a Hawaiian trust that took it over from the Resolution Trust Corp., according to Tarrant Appraisal District records.

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