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HIGHLAND VILLAGE, TX-Realty Capital Partners Inc. has acquired a 96%-leased suburban office and retail complex with 34 tenants in a $5.1-million transaction to jumpstart a 1031 Exchange for the locally based seller, Sharp & Associates Inc.

Cheri White, senior vice president of Coldwell Banker Commercial DFW, negotiated a deal that rolled a nine-building, 60,020-sf complex positioned on 6.8 acres to a Grapevine, TX-based investment partnership led by Richard Myers. Now, the focus is on rehabbing Village Creek, constructed in 1984-85 and 1998-99 at 2300 Highland Village Dr. in Highland Village. White represented Realty Capital and Richard Muller of Vintage Realty in Flower Mound brokered the terms for the seller, who cut a one-year lease to keep his office in the complex while he searches for a replacement property.

The location at a major intersection, FM 407 and Highland Village Drive, was a chief selling point, Dana Fricke, Realty Capital executive vice president, said in a press release. “However, we knew the property needed to be updated if it was going to match the quality of the surrounding area,” she continued of the newly formed partnership’s plans. According to the parties involved, Realty Capital put up more than $1.5 million in equity, placed financing with Legacy Bank and intends to spend $250,000 on upgrades to boost the ranking to a class A property. The work will begin at the 2004 start and wrap up in the spring.

White tells GlobeSt.com that she flagged the asset for a Realty Capital buy and called Myers on the same day that the marketing package, with a $5.4-million ask, landed on her desk. A letter of intent was immediately placed and the sale closed 75 days later for a property that shares an intersection with three corners of retail. Realty Capital has hired CB Commercial DFW’s Becky Dennis to lease the asset and Linda Zimmerman to manage it.

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