Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

WEATHERFORD, TX-A first-time Texas buyer is starting out with the 148,066-sf Weatherford Marketplace, a 96%-leased asset that opened doors just last year. Sources say the Los Angeles buyer, Safco Capital Corp., has paid about $30 million for the deed.

Weatherford Marketplace, an 18.6-acre regional center at the intersection of Interstate 20 and Main Street, was sold by the developer, Strode Property Co. of Dallas. The deal went full circle in eight weeks, with 12 offers placed on the table and Safco offering the most, Douglas Hazelbaker, senior vice president for CB Richard Ellis in Dallas, tells GlobeSt.com.

Hazelbaker, teaming with CBRE vice president Ryan Shore, represented the seller of record, SPC Weatherford Ltd. He says the suburban real estate’s chief selling points were the “strength of the rent roll and anchors in place.” The center is flanked by a 100,000-sf Super Target, 180,000-sf Lowe’s Home Improvement Store and 60,000-sf Kohl’s, all of which own their locations. Weatherford Marketplace’s roster is anchored by a Best Buy, Ross Dress for Less, PetSmart and Office Depot. “They don’t make mistakes in their site selections,” Hazelbaker assesses of the sale points.

According to Hazelbaker, Safco teamed 1031 exchange proceeds from a California sale to fresh debt to make the close for its first, but not its last purchase in Texas. “They want to buy more and they are looking,” he adds. “My assumption is he will hold it for a long period of time.” The Weitzman Group of Dallas will continue to lease the asset; the new owner will manage it.

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?



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
Live Chat

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