Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

DALLAS-Closing out a routine investment cycle, Dunhill Partners has collected $19 million from the sale of a 133,088-sf, grocery-anchored shopping center in the northeast sector. The 97%-occupied asset has no significant roll in leases until 2007.

The Dallas-based Dunhill handed off the deed to Skillman Abrams Shopping Center at 6760 Abrams Rd. to a Boston-based joint venture between Heritage Property Investment Trust Inc. and Intercontinental Real Estate Corp. William Hutchinson, Dunhill’s president, confirms more deals are in hand for other shopping centers in its Dallas/Fort Worth portfolio as a three- to five-year investment strategy draws to a close. The sales block includes another grocery-anchored holding at the Skillman-Abrams intersection, where the daily traffic count averages 58,000 vehicles.

The JV assumed a $15-million loan held by Wachovia Bank with nine years left on the term and two years to go before it can be paid off after a face-off with “two or three” other prospective buyers who were ready to pounce at the same price, Adams Howells, a Dallas director for Holliday Fenoglio Fowler LP tells GlobeSt.com. The loan carries a 6.05% fixed-rate interest. “A loan assumption typically takes a lot longer to close, but other than that it was a very smooth transaction,” he says.

Howells, teaming with HFF managing director James Batjer, says the class A sale with a high-profile location got an added boost from the “eight or nine years” left on the term of the 78,000-sf grocery anchor, Tom Thumb. As for the balance of the roster, he says there are just a few leases that roll before 2007. Heritage will lease and manage the center, which carries a $23 per sf, triple net rate for the open space.

Howells says the 45-day marketing period drew 15 to 18 offers for the 7.7-acre property. Heritage’s track record with HFF and its certainty of close gave it the upper hand when the dust cleared, according to Howells.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.