CARROLLTON, Texas In a fast-moving deal, Zimmerman Enterprises LLC has acquired Northridge Court in North Dallas, a 33,979-sf retail center with leasing opportunities and high visibility as its upside.
Northridge Court is situated on nearly 2.3 acres at 2741 E. Belt Line Rd. in Carrollton near the Marsh Lane intersection. The property was 56% leased at sale time.
The California-based seller, Venice Ltd., was represented by Leigh C. Richter, senior vice president of Bradford Commercial Real Estate Services, and Kevin J. Santaularia, president and CEO. Evan Bloom of Street Commercial LLC negotiated for the local buyer, a retail investor who leases and manages properties in house. The sale was completed in a 30-day look and seven-day close.
"Zimmerman Enterprises recognized the opportunity in a well-occupied market for buildings that have been underperforming and is willing to invest tenant-improvement dollars to get it leased," Richter says.
The new owner already has tenants eyeing 7,000 of vacant space. The center fronts Belt Line Road, which has a daily traffic count of 36,843 vehicles, and is visible from Marsh Lane, where 43,714 vehicles pass each day. Negotiations are underway for a cross-access agreement to Marsh Lane. The property is close to the Dallas North Tollway and President George Bush Turnpike.
"This is a nimble, quick, creative and experienced buyer, who's also the decision maker," Richter says. "Northridge Court undoubtedly will benefit from the ownership change." The seller had owned the property since the early 1990s.
Built in 1979, Northridge Court had a 7-Eleven until recently. Other tenants include Kitchen Design Concepts and Dr. Smile. The available spaces range from 3,114 sf to 7,169 sf.
April 23, 2015