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Location Sells 19,160-SF Center

ROWLETT, TX-With Home Depot and Wal-Mart at its back, the fully leased Bank of America Lakeview Center goes to a 1031 exchange buyer with seeding from a $3.31-million loan.

By Connie Gore | Updated on July 31, 2008

ROWLETT, TX-A front-row seat to a Home Depot and Wal-Mart Supercenter has underwritten the sale of a 19,160-sf five-tenant retail center in northeast Dallas County. The deal closed with $3.31 million of acquisition financing secured at a 70% loan-to-value ratio.

“The location was a major selling point,” Eli Gershenson of Dallas-based Quantum First Capital LP, tells GlobeSt.com about Bank of America Lakeview Center at 2409 Lakeview Pkwy. The 100%-leased center was sold by its developer, St. Ives Realty of Dallas, to a New York City-based US holding company of an Israeli investor, who was turning around 1031 exchange funds from the sale of an office building in Connecticut, the loan arranger says.

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