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ARLINGTON, TX-A limited liability corporation led by Dallas investor Bo Avery bought the 142,047-square-foot Southwest Plaza from Madison, WI-based CUNA Mutual Group. The Albertson’s shadow-anchored center, which traded hands for less than its $11 million list price, attracted 16 total offers during the marketing period.

“That was about twice the number of offers we told CUNA we were expecting,” explains seller representative Chris Gerard with CB Richard Ellis Co.’s Dallas office. Gerard, who worked with CB Richard Ellis senior vice president on marketing the center at 4400 Little Rd. says the marketing process went to a best and final, with Avery and his company, SWP Enterprises LLC beating out three other officers due to financing certainty.

“He didn’t have a financing contingency, and knowing what’s going on in the market is a huge issue with a lot of transactions,” Gerard tells GlobeSt.com. “He and his partner were able to pay all cash, if need be.” In this situation, however, Avery did obtain an acquisition loan through Legacy Bank of Texas, headquartered in Plano, TX.

Gerard says Avery plans a face lift on the 1980s property and is especially looking to revamp one 25,000-square-foot empty space. The other tenants, in the meantime, are around for the long haul, Gerard says.

“There were a number of tenants set to expire in 2009, during the late first quarter or early second quarter,” he remarks. “We advised the seller to reach out to them over the summer and execute renewals early on.” The tenant roster includes Office Depot, Gold’s Gym, CATO and Ace Hardware.

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