|By Marketwired .||
|January 13, 2014 03:13 PM EST||
DALLAS, TX and HOUSTON, TX -- (Marketwired) -- 01/13/14 -- On behalf of its tenant-in-common (TIC) investors, US Commercial, LLC, a real estate advisory firm based in Ladera Ranch, Calif., recently announced the disposition of two commercial properties located in Dallas and Houston for approximately $71.5 million.
"Even during the challenging economic downturn, our first priority was our TIC investors," said H Michael Schwartz, chairman and CEO of US Commercial, LLC. "We assisted our investors throughout the down cycle and now through the disposition process."
In 2004, US Commercial, LLC purchased Preston Center Pavilion and Square, a 230,842-square-foot retail center in Dallas, TX on behalf of 33 TIC investors. Redeveloped in 2000, Preston Center is anchored by national tenants including DSW Shoe Warehouse, Marshalls, Gold's Gym, CVS Pharmacy, Office Depot, Pei Wei and Chipotle. The property is situated in Dallas' affluent Park Cities neighborhood at the intersection of Northwest Highway, Preston Road and the Dallas North Tollway. Holiday Fenoglio Fowler L.P. (HFF) represented the seller, and US Commercial, LLC, and also procured the buyer, a private real estate fund advised by Crow Holdings Capital Partners, L.L.C.
In the first quarter of 2005, US Commercial, LLC purchased Briar Forest Crossing in Houston, TX on behalf of the 24 TIC investors. Briar Forest Crossing is a 94,000 square foot office building located just off the Sam Houston Parkway and Briar Forest in the Westchase District, one of the city's strongest office markets. HHF represented the seller, and US Commercial, LLC, and also procured the buyer for the property, TSVF I Briar Forest LP, an affiliate of CapRidge Partners based in Austin, Texas.
"Both of these commercial properties offer ideal locations, a strong tenant base, which enabled them to maintain high occupancy levels even during the downturn," said Paula Mathews, executive vice president at US Commercial, LLC.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. This is neither an offer nor a solicitation to purchase securities.