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$31M Harnesses 700,000-SF Retail Portfolio

DALLAS-David Pemberton and his Centcom partners stake their first claim with six centers in four secondary cities. The deal closes with a $21.1-million first mortgage, $2.5 million in mezzanine financing and a mixed bag of investors kicking in the equity.

By Connie Gore | Updated on August 24, 2003

DALLAS-A group of local investors has swapped about $31 million for a 700,000-sf portfolio of six retail centers in West Texas, getting the cream of the crop in four tertiary markets now attracting national retailers as they look for new territories to tout their wares.

Leading the buy side is David Pemberton, who just last week resigned as partner and cashed in his stock 11 months after merging the tenant rep division of Tricor Realty Services with locally based UCR. Pemberton held onto the acquisition arm, renaming the firm to Centcom Realty Corp. The just-closed deal is the culmination of 23 months of negotiating for a portfolio–never on the market–during some of the toughest economic times that the nation has experienced since the Great Depression.

The value-add package has properties averaging 110,000 sf, some in need of renovation, with ages ranging from 15 to 18 years. The upside will be cornered by increasing occupancy, now at an overall 78%. In each case, the properties are dominant neighborhood centers at key intersections in Midland, Odessa, Abilene and San Angelo. Rents range from $8 per sf to $10 per sf.

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