DALLAS-In a diversified deployment of 1031 exchange funds, a local investor has pocketed three deeds in North and East Texas and one in St. Louis. The back-to-back deals satisfied the gain from a quick flip of 19 acres of retail dirt in the Dallas metro.

Roger Gault, president of the Gault Co., has acquired a 95-unit multifamily asset in St. Louis; 19,530-sf shopping center in the East Texas town of Lindale; 25,013-sf single-tenant flex office building in Irving; and 8,000-sf Texas Land & Cattle Steak House in Arlington, TX. The deals ranged from $1.65 million to nearly $8 million, sending roughly $15 million into action.

“The thought on all is to hold long term,” Gault tells GlobeSt.com. “We really underwrote the real estate. It’s all well-located.” The one exception could be the multifamily piece, which could swing to condos in two years.

Gault teamed with Bruce Mills of Mills Properties Inc. in St. Louis to buy the Jaccard Apartments, which have been renamed to the Oaks at Bonhomme Road. The 88%-leased complex at 8649 Old Bonhomme Rd. in the University City section of St. Louis is situated two miles from the Galleria. Listed for $8.2 million, the 33-year-old complex, positioned on five acres, has one-, two- and three-bedroom units, of which 50% have garages. Units average 1,211 sf; rents run 86 cents per sf.

“It’s a natural condo conversion opportunity,” Gault says. The deal was brokered by Earl Mason of Princeton Realty in Dallas. Mills is overseeing the asset.

The newest piece of the real estate is the 10-month-old Lindale Corners at 3222 S. Main St. in the City of Lindale, developed by Dallas-based St. Ives Realty. The 4.7-acre shopping center, situated one block north of Interstate 20, went for $3.5 million to $4 million.

The 90%-leased asset stands in the shadow of a new WalMart Supercenter and Lowe’s Home Improvement store. Lindale Corners’ lead tenant is CATO. Perry B. Hall Co. of Tyler will lease and manage the unanchored center. Andy McRoberts of McRoberts & Co. in Dallas represented Gault.

The wheeling and dealing picked up a single-tenant, net-leased building at 1939 Hereford St. at a discount to the $1.65-million list. Bought as-is, the 28-year-old building on 1.5 acres is leased to Quantum Global Technologies, which has five years left on its term, according to Gault.

“The current rents are below market and there are additional bumps in the rent,” Gault confides. “We bought it a reasonable cap rate, but we feel there’s upside in the future.” Sean Byrne with the Byrne Co. in Dallas was the listing broker; Russell Cosby with Magellan Commercial Realty Inc. in Irving represented Gault.

Gault’s first deployment was to buy the Texas Land & Cattle building on 1.5 acres at 2009 E. Copeland Rd., situated right along Interstate 30 near Rangers Ballpark and the under-construction Dallas Cowboys stadium. Gault says the incentive is there are six years left on the lease for the chain’s 10-year-old build-to-suit, which was tagged at $2.1 million. McRoberts represented Gaul while Joe Garrett with Sperry Van Ness in Fort Worth brokered for the seller of record, Arlington Land JV of Dallas.

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.