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| Rendering of Preston Center Pavilion and Square, Park Cities Neighborhood, Dallas, TX |
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| Barry Brown |
DALLAS, TX – HFF announced today that it has closed the sale
of Preston Center Pavilion and Square, a 230,842-square-foot urban
infill shopping center in Dallas, Texas.
HFF
represented the seller, US Commercial, LLC (“USC”), on behalf of 35
tenant-in-common owners and procured the buyer, a private real estate fund
advised by Crow Holdings Capital Partners, L.L.C. The transaction involved the assumption of the existing CMBS
mortgage.
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| Jim Batjer |
Redeveloped in 2000, Preston Center Pavilion and Square is
anchored by national tenants including DSW Shoe Warehouse, Marshalls, Gold’s
Gym, CVS Pharmacy, Office Depot, Pei Wei, Chipotle and Salata.
The property is situated in Dallas’ affluent Park Cities
neighborhood at the intersection of Northwest Highway, Preston Road and the
Dallas North Tollway.
The HFF investment sales team representing the seller was
led by senior managing directors Barry Brown, Jim Batjer and Doug
Hazelbaker and managing director Ryan Shore.
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| Doug Hazelbaker |
US Commercial, LLC is a full-service real estate advisory
firm based in Ladera Ranch, California that has sponsored numerous
tenant-in-common real estate investment programs.
Crow Holdings Capital Partners, L.L.C. (“CHCP”) is the
investment manager to a series of real estate private equity funds designed to
generate current income and benefit from the capital appreciation of portfolio
investments.
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| Ryan Shore |
The six funds have had total equity commitments from
partners of approximately $4.1 billion, approximately $675 million of which was
committed by Crow Family Holdings.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel
617.543.4873 | www.hfflp.com
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