Zerby Interests Acquires Northcrest Village from LNR

CARROLLTON, TX-Zerby Interests of Oklahoma City acquired the 136,267-square-foot Northcrest Village shopping center from Miami-based LNR Partners LLC. The buyer plans to stabilized the 1980s asset through co-tenancy.

Though the center at 3044 Old Denton Rd. is on a prime piece of real estate at the southeast corner of Old Denton and Frankford Roads, a search through Denton Central Appraisal District records shows  that the retail property had been in some trouble since the late 2000s.  Records show that, in 2005, David E. Claasen sold the property for $16.5 million to a Dallas-based entity operating under the name of Northcrest Village LP. Beginning in 2009, JP Morgan Chase Bank was listed as the owner, as was Bank of New York Mellon Trust Co. LNR is listed as the owner of the property in 2010.