Henry S. Miller Trades 170 KSF Retail Asset in Dallas to Dunhill
- Apr 11, 2014
Dallas-based commercial real estate firm Henry S. Miller Cos. has sold its prominent 170,000-square-foot shopping center in North Texas to Dunhill Partners.
While the price paid was not disclosed, the published asking price was $27 million.
Little Elm Towne Crossing (LETC) was developed by Henry S. Miller back in 2008 on 21 acres of land. The neighborhood shopping center is located at the northwest corner of Eldorado Parkway and Farm-to-Market 423 in the northern portion of Little Elm.
When Henry S. Miller initially bought the property in 2005, it was structured as a land deal. But quickly the owners realized that as the population grew, a retail asset would be a wiser investment.
“Little Elm Towne Crossing was a syndication of high net worth investors that we assembled in 2005. We had done a great
job of maintaining the asset and most recently, stabilizing the asset in order to sell,” Greg Miller, president & CEO of Henry S. Miller Cos. told Commercial Property Executive. “We felt that Little Elm Towne Center had reached its investment term, market conditions are right and we wanted to make sure our partners got the best return on their investment.”
Anchored by Hobby Lobby and 24 Hour Fitness, the retail center includes: Hibbets Sports, Planet Tan, Baskin-Robbins, Monarch Dental, Baylor and others.
There were eight serious buyers on the line for the property. Dunhill Partners was selected as the buyer, and purchased it under an affiliate of LETC Dunhill L.L.C. At the time of the sale, Little Elm Towne Center was more than 94 percent occupied, according to the Dallas Business Journal.
“Bill Hutchinson (Dunhill president) and the Dunhill Partners group were an excellent team to work with. They were the epitome of professionalism; we are proud to be associated with them and look forward to working with again,” Miller concluded.
Robert Grunnah, president at Henry S. Miller and Darrel Hurmis, vice president represented the sellers.
“LETC Dunhill L.L.C. plans to keep the asset as an investment hold for the immediate future, there are no plans for renovation,” said Hutchinson in the news release.