Illinois Mutual Closes Book on North Dallas Foreclosure

DALLAS – Removing a foreclosure property from its books, Illinois Mutual Life Insurance Co. has sold a convenience store, car wash and 12 Chevron-branded gasoline pumps at a high-profile location in North Dallas.The property is situated at the corner of Coit and Frankford roads, less than a half block from the President George Bush Toll Road. The 1.8-acre tract at 18120 Coit Rd. originally included a Dickey’s Barbecue Pit restaurant when it was developed in 2001 at what was then the “wet/dry” line for Dallas and Collin counties.“It’s a highly visible, high-quality asset. I had multiple offers and continued to get offers long after it went under contract,” says Leigh C. Richter, senior vice president of Dallas-based Bradford Commercial Real Estate Services. The seller of record is IMLIC Holdings LLC.The property has been under contract since November as a plug ‘n play opportunity, with the seller tossing in all inventory, furniture, commercial equipment and fixtures in the shuttered restaurant portion of the space.The 8,964-sf commercial building, 1,270-sf car wash and long-term fuel contract with Chevron went to a local private investor, who was represented by an independent broker in Dallas. The new owner intends to maintain the current use of the property.“My client is very pleased that this transaction has been completed,” Richter says, “and with the results of the transaction.”
October 8, 2012

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