Centric Capital Grabs Built-Out Hard Corner
Friday, March 7, 2008
By Connie Gore
Globe Street
DALLAS-The buyer scuttles a full-blown marketing with an offer for five
fast-food restaurants and income-generating billboard along North
Central Expressway
DALLAS-Pre-empting a full-blown marketing, Centric Capital Partners has
grabbed control of a primary freeway-fronting corner containing five
fast-food restaurants and an income-generating billboard. The
acquisition, assessed at roughly $9 million by Dallas County, fronts
the proposed Westmount Health Campus.
Charlie Corson, founder and CEO of Dallas-based Centric, says he heard
the ground-leased pads were coming to market and immediately put in an
offer to locally based Westmount Realty Capital LLC, which owns the
five-acre tract as WRC Central Forest LP. "The underlying land is
valuable and will certainly be more valuable in the future for
redevelopment," he tells GlobeSt.com. The restaurants, all built since
1998, have 750 feet of frontage along North Central Expressway in
addition to its Forest Lane access.
Corson says the billboard purchase, which is a rarity, was a must-have.
"I wanted to control it," he stresses, "because there is a
redevelopment opportunity way out in the future." He says the
restaurant chains' ground leases for the ground-up quintet were inked
with 20-year terms and several options to extend.
The largest building is KFC, which has Pizza Hut and Taco Bell in the
4,778-sf structure at 8001 Forest Lane. Whataburger's building at 11880
N. Central Expressway totals 3,330 sf. The others are Burger King in a
3,240-sf structure at 11830 N. Central Expressway; Popeye's, 2,357 sf
at 8835 Forest Lane; and Sonic's 1,457-sf eatery at 8045 Forest Lane.
Corson won't discuss the size of the offer that he put before
Westmount's Cliff Booth to win the deal. "You've got an educated
seller," he says, "and a seasoned buyer." And, he adds that it was a
smooth transaction with buyer-seller expectations out in the open and
aligned.
"The opportunity to purchase that much beachfront at such a notable
intersection made it very attractive to us," Corson says in a press
release. Newt Walker, an independent broker in Dallas, represented
buyer and seller.
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