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BALCH SPRINGS, TX-A pair of private investors from North Texas and Oklahoma has taken control of a 41,250-sf shopping center in the Dallas suburb of Balch Springs to bring in a selling price close to the $1.9-million ask.

The transaction for Pioneer Oaks at 4000 Pioneer Rd. closed at a 9% cap, Ryan Hamilton of Dallas-based Henry S. Miller Commercial tells GlobeSt.com. He represented the local seller, Meme Partners Ltd. of Bedford, and Marilyn Lair of ReMax Dallas North brokered for the buyers, one of whom hails from the Dallas area.

Hamilton says the center went on the market six months ago and under contract within three months, baiting three offers for the 90%-leased asset primarily tenanted by “mom and pop” businesses. The largest tenant is TXU Energy, which uses the retail space for a customer service center.

The majority of leases will roll in the next two years, Hamilton says, explaining the upside can be cornered by converting gross contracts into triple net commitments. The new owners intend to hit the ground running to negotiate leases and fill the empty blocks, he says.

The seller acquired the 18-year-old center, sitting on 2.5 acres, in the early 1990s. The property, which traded with minor deferred maintenance, is nestled in a residential area growing in popularity with single-family developers for the town’s proximity–16 miles—to Dallas.

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