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57,316-SF Shopping Center Lands New Owner

HIGHLAND VILLAGE, TX-Henry S. Miller Cos. closes on the purchase of the 97%-leased Highland Point Village after wrestling six months with its loan assumption.

By Connie Gore | Updated on September 22, 2008

HIGHLAND VILLAGE, TX-Henry S. Miller Cos., investing six months into a loan assumption, has closed on the 57,316-sf Highland Point Village Shopping Center. The 97%-leased asset, marketed without an ask, is positioned in a municipal pocket where it’s O.K. to sell alcohol and surrounded by residential developments where it’s not.

Highland Point Village, situated on 5.1 acres at 1940 FM 407/Justin Rd., was sold by Tabani Group of Dallas. Henry S. Miller assumed a 10-year loan, with eight years left on the term, at a 5.5% fixed-rate interest from Wells Fargo Bank, Gregory L. Miller, president of the Dallas-based buyer’s equities division, tells GlobeSt.com. “They really put us through the wringer on due diligence,” he stresses. “We really dug our heels in and didn’t cave in.”

All that Miller will say about the sales price is that it was below replacement cost. “It was a fair market deal,” he adds. Denton County has the asset assessed at $4.75 million, which factors out to $82.87 per sf. Given the rapidly changing market, replacement cost for comparable retail construction isn’t available, but the deal’s dynamics support a price hovering $100 per sf.

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