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ARLINGTON, TX-A limited partnership in Dallas has banked $8,000 more than the $4.1-million ask for an 11,805-sf retail center, leased for the long term to a pair of national names with front-row seats along Interstate 30. The deed passed to one of four offers crossing the table in 48 hours of marketing.

“He just wanted this property,” Jason Vitorino with Marcus & Millichap’s Dallas office tells about a Hawaiian investor with 1031 Exchange money to spend. The hot property is 1400 Copeland Rd. in Arlington, shared by Kinko’s and Red, Hot & Blue, an Arlington, VA-based barbecue chain started by former Tennessee Gov. Don Sundquist.

The five-year-old building, positioned on 1.5 acres, is locked down with a 10-year lease to Kinko’s and a 15-year contract with the restaurant. The seller, also the developer, parted with the hot property because “the market is right,” Vitorino says. “He understands that interest rates are still low, cap rates are at an all-time low…so he decided the time was right to liquidate and move onto other things.”

The acquisition is the Hawaiian investor’s first in Dallas although he owns other retail assets in Houston and Austin, according to Vitorino. The buyer’s offer was the highest of the four that rolled in within 48 hours of the asset coming to market, but, he says, “he also had the best terms.” Don Stringham with Marcus & Millichap in Houston and Thomas Hudson with the brokerage house’s Austin office co-brokered for the buyer, who placed additional financing to make the close.

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