Off-Market Swap Nets Two Retail Assets

DALLAS-Pacific Bay Investments, shopping North Texas streets for retail properties, has picked up two class C centers in an off-market transaction with their long-time local owner, Long Star Properties. The 90%-leased assets have traded for more than $7 million.

The privately held partnership from San Francisco, typically long-term holders, satisfied a 1031 exchange from a hotel sale in its homeport with the purchase of Long Star Properties’ entire portfolio, Adam Sparks, Pacific Bay president, tells GlobeSt.com. The just-bought properties are the 44,140-sf Woodlake Village at 3065 Josey Lane in Carrollton and 90,309-sf Meadowcreek Shopping Center at 903-999 W. Centerville Rd. in Garland.

The Dallas-based Weitzman Group’s Greg McDonald, executive vice president, and Richard Polishuk, vice president, had been showing Sparks around town when the Long Star portfolio surfaced as an option. “We were handling the leasing and we knew about the centers,” McDonald says. Within three months, buyer and seller were sitting at the closing table.