Dunhill, Behringer Slam Dunk $14M Class A Buy

DALLAS-In a first-time alliance, Dunhill Partners Inc. and Behringer Harvard Funds have pulled off a $13.7-million backdoor trade, getting the 98,872-sf, class A Plaza Bank Center from Today Realty Advisors. The center is the first large piece of retail for the opportunity fund’s portfolio.

The deal has been in the works most of the year, William L. Hutchinson, president of the Dallas-based Dunhill, tells GlobeSt.com. He says the hurdle to clear was a $10.1-million loan assumption held by the Charlotte, NC-headquartered Wachovia Corp., with six years left on the term.

Hutchinson, who’s been eyeing the asset for five years, told independent broker, Howard Kollinger, that he’d like to add the 9090 Skillman St. property to his four-center toehold on northeast Dallas retail space. Shortly thereafter, Kollinger returned with an opening to negotiate with the seven-year titleholder from Dallas.