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CARROLLTON, TX-In a deeply discounted deal, a Dallas partnership has taken title to a 25,265-sf shopping center in North Dallas. The half-leased asset was on the market for $2.25 million.

Epsilon Ventures LLC laid cash on the line to win the deal one month after the contract went down for the 2.25-acre shopping center at 2717 E. Belt Line Rd. “The purchase price was substantially lower than the asking price,” Jerry Yoder, executive vice president of Henry S. Miller Commercial in Dallas, tells GlobeSt.com. He says the unanchored center will undergo a renovation, but the owners have yet to decide on the extent of the work.

Beltline Venture Court LLC was represented by Martina Crevecoeur of Dallas-based International Capital LLC, which has owned the unanchored center in various partnerships since at least 1999, according to Dallas Central Appraisal District. The center is the only retail corner at the Belt Line Road-Venture Court junction, with the other corners all seated by semi-industrial uses, according to Yoder, who picked up the leasing assignment after he closed the sale for the buyers.

Yoder says an International Capital flyer piqued his interest so he took the deal to the partners, who were looking for a commercial asset to park some capital. “It’s an investment and they’re glad they could put their money into something they can see and feel,” Yoder says.

The buyer’s broker says the going-forward plan is to chase basic goods-type retailers to the center. The value-add play is beginning with a $12 per sf to $15 per sf rate or $4.44 per sf triple net. “I think they can make some very good deals at that center,” Yoder says. “I’ve had some activity on it already.”

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