A. Lee Graham lgraham@bizpress.net
The Village at Camp Bowie shopping center is changing hands as Dallas-based Lincoln Property Co. finalizes its purchase of the west Fort Worth property. The Dallas company already has closed on part of the 275,000-square-foot retail and office development, at 6115 and 6200 Camp Bowie Boulevard, and plans to acquire the rest by late December, according to the seller.
“We thought it would be good to put it in the hands of someone who could redevelop the back portion of it,” said David Burgher Jr., principal and operating partner with Trophy Investments in Dallas, which bought the property in 2004 before renovated it and dealing with financial challenges after the recession. It filed for bankruptcy protection in late 2010, emerging from bankruptcy last month.
Western Real Estate Equities LLC acquired the first mortgage loan from Wells Fargo Bank for the center. Trophy began working with Wachovia – subsequently acquired by Wells Fargo – in February 2010 to refinance the group’s loan, which matured the following month. Wachovia posted the property for a foreclosure auction in April 2010, but later called off the foreclosure. Burgher expressed relief at selling a property. “After three years of battling it out with the noteholder of the property, we were just tired is the bottom line,” said Burgher. The center, which straddles both sides of Camp Bowie, features more than 60 tenants. Among those are Jason’s Deli, Blu Crab, Starbucks, Hedary’s Mediterranean Restaurant, Gordon Boswell Flowers and Chase Bank.