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TPH Capital Buys 14,984-SF Center

PLANO, TX-An investment group from Denton County spends at least $3 million, including a loan assumption, to win the fully leased Crystal Creek I in a low-key marketing race.

By Connie Gore | Updated on September 02, 2008

PLANO, TX-Getting a roster of fully leased neighborhood retail, TPH Capital LP of Argyle, TX has paid more than $3 million in a combination of 1031 exchange funds and assuming permanent financing with a 5% fixed-rate interest. The book was closed on the 14,984-sf Crystal Creek I without heavy marketing.

“It wasn’t really on the market,” Sam G. Kartalis, president and COO of Dallas-based Henry S. Miller Commercial, tells GlobeSt.com about Crystal Creek I at 4637 Hedgecoxe Rd. Start to finish, though, the deal took nearly six months to bed down because the permanent loan with Chicago-based LaSalle Bank was reassigned from the private investor in Miami to TPH Capital, according to Kartalis, who co-brokered the deal with Greg S. Trout, Henry S. Miller’s president of the office and industrial division. Christiane Jones of Re/Max Performance Group of Prosper, TX represented the buyer, whose 1031 exchange details weren’t readily available.

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