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Woodcrest Capital Wins Auction for Two Boxes

FORT WORTH-The winner gets two closed Albertsons in the metroplex. Other buyers have five other deals working for shuttered Albertsons and Mervyn's boxes.

By Connie Gore | Updated on April 01, 2008

[IMGCAP(1)]FORT WORTH-Woodcrest Capital LLC, with a known knack for repositioning shuttered big boxes, has bought two of seven stores in a sealed-bid auction of Dallas/Fort Worth locations. In both cases, the closed stores were Albertsons, but the auction docket also included at least one Mervyn’s in the metroplex.

Karen Simon, executive vice president and managing partner for Dallas-based Bradford Cos., and Kyle Robertson, a senior vice president of investment, teamed with Great Neck, NY-based Keen Consultants LLC to auction the shuttered stores for Klaff Realty LP of Chicago. Woodcrest’s new repositioning targets are a 58,716-sf box at 6249 Rufe Snow Dr. in Watauga and 56,777-sf store at 6921 Independence Pkwy. in Plano. The Watauga store carried a $1.3-million reserve and $2.5-million suggested retail while the Plano real estate commanded a $2.1-million reserve and $3-million sales tag.

Bidders had a 90-day window to make an offer on as-is structures and complete the deals within 30 days of the February auction date. All bids required a cashier’s check for 10% of the offer. Simon says the Fort Worth-based Woodcrest got its deeds in the past week.

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