(For more retail coverage, click GlobeSt.com/RETAIL.)
FRISCO, TX-An Englewood, CO retail investment group has staked its second claim in the Greater Dallas metro in a plan to spend $250 million within one year to 18 months. Sources say the newest prize, the 180,772-sf Shafer Plaza, has sold for $42 million due to a gateway location at the 1.2-million-sf Stonebriar Centre.
GDA Real Estate Services LLC, which also owns Pipeline Village in Hurst, was one of a select group of buyers invited to compete for the four-year-old Shafer Plaza at 2943 Preston Rd. Corey Duhon, vice president of leasing for Dallas-based Shafer Property Co., tells GlobeSt.com that repeated unsolicited offers for the 22-acre gateway retail prompted the decision to alter the developer's MO and sell the real estate.
"We cashed out because of the opportunities that are available and the prices for retail that's out there," Duhon says. As a result, he says Steve Shafer is in talks to sell a couple more, with GDA admitting its part of the chase, in a bid to build his own equity pool. "It will free Steve up to do more and bigger deals," Duhon adds.
The privately funded GDA, fueled by US investors, wants to acquire 10 to 15 more properties in the region in the coming year, says its president, Gary J. Dragul. He's eyeing properties up to 200,000 sf in a $10-million to $80-million bracket, with the capability to deliver the deal most often with a 10-day due diligence. "We do what we say we're going to do," he says. "Our sweet spot is a great location and reasonable value, the best property on the block. We are totally location driven." And, he adds, "we hold forever."
GDA will keep the Shafer Plaza name on the marquee. The buyer's sister company, ACF Property Management, took over the 98%-leased asset when the deal closed. A leasing agent has yet to be put on the ground.
The Shafer Plaza story is well-known in local circles because the developer bought the dirt, paying a higher than usual price, in September 2001. "It takes a lot of guts and vision to do what Steve did there," Duhon stresses. The development also got hit with an Ultimate Electronics store shutdown. The 30,000-sf spot has since been backfilled by Shoe Pavilion.
Shafer Plaza was developed with four pad sites. Only the multi-tenant omni building was included in the sale. As for the lease rollover, there's little work to do this year, according to Duhon.
Greg Pierce and David English, both executive vice presidents for Colliers International Inc. in Dallas, and Lisa LaManna, senior vice president, represented Shafer. Jason Vitorino with Marcus & Millichap Real Estate Investment Brokerage Co. in Dallas brought GDA to the table.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
