DALLAS-Pacific Bay Investments, shopping North Texas streets for retail properties, has picked up two class C centers in an off-market transaction with their long-time local owner, Long Star Properties. The 90%-leased assets have traded for more than $7 million.

The privately held partnership from San Francisco, typically long-term holders, satisfied a 1031 exchange from a hotel sale in its homeport with the purchase of Long Star Properties’ entire portfolio, Adam Sparks, Pacific Bay president, tells GlobeSt.com. The just-bought properties are the 44,140-sf Woodlake Village at 3065 Josey Lane in Carrollton and 90,309-sf Meadowcreek Shopping Center at 903-999 W. Centerville Rd. in Garland.

The Dallas-based Weitzman Group’s Greg McDonald, executive vice president, and Richard Polishuk, vice president, had been showing Sparks around town when the Long Star portfolio surfaced as an option. “We were handling the leasing and we knew about the centers,” McDonald says. Within three months, buyer and seller were sitting at the closing table.

Sparks and his partner, Paul Boschetti, have redirected their buying focus in North Texas for this year’s play. They have acquired 600 apartments in three years of shopping the region, but decided 2006 is the year to buy retail. And, the partners want class B and C. “We still feel that market is undervalued,” Sparks emphasizes. “There’s going to be more capital available for strip centers.” It’s his contention that neighborhood centers will pick up value as inflation kicks in and gasoline prices continue to climb.

The Pacific Bay partners have just placed a letter of intent on a $10-million deal. Sparks says this year’s goal is to acquire $36 million of North Texas real estate, hoping to end the run with roughly 300,000 sf to double its retail portfolio. In early April, they acquired the 62,000-sf Broadmoor Village at 930-50 Centerville Rd. for $7.2 million from Kimco Realty Corp. of New Hyde Park, NY.

The 30-year-old Woodlake Village and 28-year-old Meadowcreek Shopping Center will get some lipstick, but no heavy makeover, according to Sparks. A Weitzman team will continue to lease the assets and affiliate Cencor Realty Services will manage them.Long Star Properties, led by Robert Lavie, bought the 3.6-acre Woodlake Village in 1998. The 7.9-acre Meadowcreek was picked up in May 1983.

Sparks says the unanchored centers’ 90% occupancies, tenant mix and location were the dealmakers. “We like working class centers with stores that are inflation-proof and we want stable properties,” he explains about the search criteria. “We aren’t interested in major risks.”

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & 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 © 2024 ALM Global, LLC. All Rights Reserved.