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Real Deals: Altamesa Shopping Center sold to partnership

🕐 4 min read

ALTAMESA SHOPPING CENTER

SOLD TO PARTNERSHIP

The Altamesa Court Shopping Center, a 35,213-square-foot office property located at 2715-2785 Altamesa Blvd. in Fort Worth, has been sold.

Kyle Palmer, vice president/regional manager of Marcus & Millichap’s Fort Worth office, announced the sale on April 5.

Cody Payne, senior associate, and Ross L. Meisner, associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a partnership. Payne and Meisner also secured the buyer, another partnership.

The listing with Payne and Meisner generated multiple offers and it was put it under contract within one week of marketing.

HIDDEN LAKES COMPLEX

IN NORTHEAST FW SOLD

Hidden Lakes Apartments, a 312-unit multifamily asset in Fort Worth, has been sold to CAF Capital Partners. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale April 5.

“Built in 1996, Hidden Lakes is a low-density property that provides the new owner with an outstanding cash flow opportunity and value-add upside through a unit enhancement program,” said Will Balthrope, executive director.

Balthrope, senior director Drew Kile and associate Joey Tumminello represented the seller, New York-based Beachwold Residential, and procured the buyer.

“Hidden Lakes is located near major transportation arteries that have recently undergone major expansions, and the improved connectivity will drive rapid growth as the major job centers of Alliance to the north and downtown Fort Worth to the south are now more easily accessible to residents,” said Kile.

Hidden Lakes Apartments is located in the Northeast Fort Worth/North Richland Hills submarket near the intersection of Fossil Vista Drive and North Beach Street, about one mile from the Loop 820-Interstate 35W interchange.

“The new owner will be able to reach a sweet spot in the market with upgraded units as Class A properties closer to downtown Fort Worth garner significantly higher rents, leaving a space in the market for quality, modern apartments at a mid-level price point,” said Tumminello.

WALMART TO SPEND $277M

ON STORES IN TEXAS

Walmart expects to spend an estimated $277 million over the next year in Texas by opening and remodeling 49 stores as well as rolling out several in-store and online innovations, the company announced on April 11.

Several of the stores are in the Fort Worth area, including stores in Cleburne, Fort Worth, Mansfield and Pantego. The company also plans to build a new store in Fort Worth, according to a release.

The updates are part of Walmart’s total capital expenditures guidance of about $11 billion for fiscal year 2019, which was outlined last October.

Walmart recently reported strong comp sales growth of 2.1 percent for the fiscal year ending Jan. 31. The retail giant based in Bentonville, Arkansas, said the “plan is to continue improving stores and accelerating innovation during the coming year to make shopping faster and easier for customers in Texas.”

“With the continued rollout of new innovations, Walmart is re-envisioning the future of shopping right here in DFW,” said Walmart North Texas Regional General Manager Sonya Hostetler. “Through updated stores and convenient new offerings like Online Grocery Pickup, Pickup Towers and Scan & Go, Walmart is working to save our customers time while exceeding their expectations.”

Walmart plans to build stores this year in Fort Worth, Fulshear (Houston area), El Paso and Vidor (Beaumont area).

It expects to remodel 45 stores throughout Texas in 2018, including these 18 in D-FW and North Texas:

• 3851 Airport Freeway, Fort Worth

• 7401 Park Vista Blvd., Fort Worth

• 8520 N. Beach St., Fort Worth

• 2951 Matlock Road, Mansfield

• 2610 W. Pioneer Parkway, Pantego

• 1616 W. Henderson St., Cleburne

• 2305 N. Central Expressway, Dallas

• 4025 Old Denton Rd, Carrollton

• 190 E. Round Grove Road, Lewisville

• 8801 Ohio Drive, Plano

• 12220 FM 423, Plano

• 1501 Buckingham Road, Richardson

• 555 W. Interstate 30, Garland

• 2021 N. State Highway 121, Bonham

• 802 E U.S. Highway 80, Forney

• 1200 W. Main St., Gun Barrel City

• 2765 W. Washington St., Stephenville

• 1200 N. U.S. Highway 77, Waxahachie

SHOPPING CENTERS JOIN

BREAST CANCER INITIATIVE

Five area Simon properties have announced their More Than Pink spring 2018 initiative in support of Susan G. Komen and the fight against breast cancer. They are Firewheel Town Center, North East Mall, The Shops at Clearfork, Allen Premium Outlets and Grand Prairie Premium Outlets.

As part of their pledge to donate at least $1 million each year in 2017 and 2018, more than 170 participating Simon Malls, The Mills and Premium Outlets nationwide will participate in fundraising activities throughout April and May, according to an April 9 news release.

Send real deals to Robert Francis at rfrancis@bizpress.net.

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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