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Centric Capital Grabs Built-Out Hard Corner

DALLAS-The buyer scuttles a full-blown marketing with an offer for five fast-food restaurants and income-generating billboard along North Central Expressway.

By Connie Gore | Updated on March 07, 2008

DALLAS-Pre-empting a full-blown marketing, Centric Capital Partners has grabbed control of a primary freeway-fronting corner containing five fast-food restaurants and an income-generating billboard. The acquisition, assessed at roughly $9 million by Dallas County, fronts the proposed Westmount Health Campus.

Charlie Corson, founder and CEO of Dallas-based Centric, says he heard the ground-leased pads were coming to market and immediately put in an offer to locally based Westmount Realty Capital LLC, which owns the five-acre tract as WRC Central Forest LP. “The underlying land is valuable and will certainly be more valuable in the future for redevelopment,” he tells GlobeSt.com. The restaurants, all built since 1998, have 750 feet of frontage along North Central Expressway in addition to its Forest Lane access.

Corson says the billboard purchase, which is a rarity, was a must-have. “I wanted to control it,” he stresses, “because there is a redevelopment opportunity way out in the future.” He says the restaurant chains’ ground leases for the ground-up quintet were inked with 20-year terms and several options to extend.

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