The privately held partnership from San Francisco, typicallylong-term holders, satisfied a 1031 exchange from a hotel sale inits homeport with the purchase of Long Star Properties' entireportfolio, Adam Sparks, Pacific Bay president, tells GlobeSt.com.The just-bought properties are the 44,140-sf Woodlake Village at3065 Josey Lane in Carrollton and 90,309-sf Meadowcreek ShoppingCenter at 903-999 W. Centerville Rd. in Garland.

The Dallas-based Weitzman Group's Greg McDonald, executive vicepresident, and Richard Polishuk, vice president, had been showingSparks around town when the Long Star portfolio surfaced as anoption. "We were handling the leasing and we knew about thecenters," McDonald says. Within three months, buyer and seller weresitting at the closing table.

Sparks and his partner, Paul Boschetti, have redirected theirbuying focus in North Texas for this year's play. They haveacquired 600 apartments in three years of shopping the region, butdecided 2006 is the year to buy retail. And, the partners wantclass B and C. "We still feel that market is undervalued," Sparksemphasizes. "There's going to be more capital available for stripcenters." It's his contention that neighborhood centers will pickup value as inflation kicks in and gasoline prices continue toclimb.