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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.

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