DALLAS-In unrelated transactions, Brytar Cos. has sold two class A shopping centers in the metroplex to 1031 exchange buyers. Industry sources say a fully leased 17,180-sf strip in Frisco has brought $6 million while the value-add play, 22,560 sf inside the Dallas line, most likely sold for close to its $7-million ask.

The Dallas-based developer says the holding periods had simply reached their maturity for the single-asset partnerships backing the ground-up projects, Frisco 121 Crossing at 9288 Texas 121 at the edge of the 1.3-million-sf Stonebriar Mall and BC Royal Crossing at 10910 N. Central Expressway at the freeway’s junction with Royal Lane in North Dallas. Both were marketed by CB Richard Ellis senior vice presidents Doug Hazelbaker and Ryan Shore.

Brytar principal Scott Remphrey tells GlobeSt.com that both assets traded in the 7% to 7.75% cap rate range, bringing in capital gains for both selling partnerships. He says the gain will be reinvested into several ground-up projects in the state.

Brytar will continue to manage Frisco 121 Crossing, which was bought by an investment group from Houston. Royal Crossing’s new owner, Los Angeles-based Westwood Financial Group, has in-house teams to lease and manage its properties. Remphrey says the upside will come when it’s time to renew leases in the centers. As it stands, he says leases were inked at roughly $22 per sf, but market changes have upped the ante to the mid- to high $20 per sf.

Completed in March 2006 on a 2.3-acre tract, Frisco 121 Crossing is anchored by David’s Bridal and Mattress Pro. Other tenants are service-related uses, including a salon. If the street’s right, the asset brought in the vicinity of $349 per sf at the closing.

Sources point out Royal Crossing isn’t as freeway visible as Frisco 121 Crossing, but it probably sold for close to the $310 per sf ask. The center, developed in 2005-06 on nearly three acres, is leased to Sleep Experts, Domino’s Pizza, Wing Stop, Mr. J’s Paint and Supply and BootCamp Xtreme. The center’s location builds in upside as much as the 20% vacancy since it backs up Dallas-based Hunt Development Co.’s plan for a major mixed-use development and is across the street from the city’s fourth Studio Movie Grill.

Remphrey says Royal Crossing was on the market just 10 days when Westwood put a contract on the table. “It sold in 30 days,” he says. “They needed a quick look and close to satisfy the 1031 exchange.”

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