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All-Cash Deal Bags Half-Filled Center

CARROLLTON, TX-Two partners from Dallas buy a 25,265-sf shopping center along Belt Line Road from an International Capital affiliate. The deeply discounted deal gets done in one month.

By Connie Gore | Updated on October 27, 2008

CARROLLTON, TX-In a deeply discounted deal, a Dallas partnership has taken title to a 25,265-sf shopping center in North Dallas. The half-leased asset was on the market for $2.25 million.

Epsilon Ventures LLC laid cash on the line to win the deal one month after the contract went down for the 2.25-acre shopping center at 2717 E. Belt Line Rd. “The purchase price was substantially lower than the asking price,” Jerry Yoder, executive vice president of Henry S. Miller Commercial in Dallas, tells GlobeSt.com. He says the unanchored center will undergo a renovation, but the owners have yet to decide on the extent of the work.

Beltline Venture Court LLC was represented by Martina Crevecoeur of Dallas-based International Capital LLC, which has owned the unanchored center in various partnerships since at least 1999, according to Dallas Central Appraisal District. The center is the only retail corner at the Belt Line Road-Venture Court junction, with the other corners all seated by semi-industrial uses, according to Yoder, who picked up the leasing assignment after he closed the sale for the buyers.

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