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Dec. 7, 2012

Joint Venture Recapitalizes 706,000-SF Watters Creek

By Camelia Bulea, Associate Editor

A joint venture of Trademark Property Co., Coventry Real Estate Advisors, Southern Land Co. and PCCP have recapitalized Watters Creek, a 706,000-square-foot mixed-use project in Allen. The joint venture acquired the note from a multibank syndicate led by PNC Bank.

According to Brian Moss, principal of Coventry Real Estate, the recapitalization offered the opportunity “to purchase the existing loan at a discount and to provide additional capital for future improvements,” according to Citybizlist.com.

Developed by Trademark, Coventry and Southern Land, the Class A project features 100,000 square feet of office, 356,000 square feet of retail and the 233-unit Lofts at Watters Creek apartments.

The recapitalization will allow developers to make some improvements to the property, like adding a build-to-suit office, possibly a hotel, a children’s play area and new shade structures, according to the Dallas Business Journal. The Dallas Morning News adds that the project could also include additional multi-family units on its southern end.

Meanwhile, a private real estate investment company based in Oklahoma City has purchased Northcrest Village, a 136,267-square-foot shopping center in Carrollton. The new owner, Zerby Interests, added the retail property to its portfolio with plans to stabilize it through co-tenancy.

Zerby bought the property from Miami-based LNR Partners L.L.C., which was represented in the deal by the CBRE Dallas Retail Private Capital Group team of Jennifer and Beth Pierson.

Developed in the 1980s, the shopping center is anchored by ALDI Grocery, Taco Bell, KFC, Starbucks, Subway and Allstate Insurance Co.

Photo rendering of The Lofts at Watters Creek courtesy of Watters Creek at Montgomery Farm.

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