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DALLAS-Setting an exit strategy into play after a two-year hold, a local partnership has collected in the neighborhood of $2 million for a repositioned, 42,000-sf, multi-tenant, mixed-use complex on the edge of the city’s hospital district.

“They made us an offer we couldn’t refuse,” Sam Kartalis, president and COO for Henry S. Miller Commercial in Dallas tells GlobeSt.com about the off-market sale of 7101-7129 Harry Hines Blvd. The three-building, retail-and-industrial asset was 60% leased when he and Greg Trout, the firm’s president of the industrial and office division, bought it, filled it and then set out to hold it as a redevelopment site.

“We bought it knowing Harry Hines was being upgraded,” Kartalis says. “It was cash flowing and we were very happy with holding it, but we sold it to make a profit. Now, we need something else.” And, they are “aggressively searching” for small properties to refill their portfolio, which has been completely sold off in the past two years. He says the “right deals” have been particularly hard to land this year “because so many are chasing them.”

Kartalis says the new owner–a local investor represented by independent broker Dan Matise of Dallas–most likely will follow through on the plan to hold and later redevelop the 4.5-acre tract, situated within a stone’s throw of the expanding Parkland Hospital. In the interim, tenants’ leases “are good for awhile,” Kartalis says. “Most tenants are there for a long time.”

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