US Commercial, LLC, a real estate advisory firm based in Ladera Ranch, California, announced today that it had sold two commercial properties in Texas for roughly $71.5 million on behalf of its tenant-in-common (TIC) investors. D Real Estate Daily reported that a private real estate fund advised by Crow Holdings Capital Partners purchased Preston Center Pavilion and Square in Dallas from US Commercial in a deal put together by the HFF team of Barry Brown, Jim Batjer, Doug Hazelbaker, and Ryan Shore. The other property, Briar Forest Crossing in Houston, was purchased by TSVF I Briar Forest LP, an affiliate of CapRidge Partners based in Austin, Texas, in a deal also arranged by HFF.
"Even during the challenging economic downturn, our first priority was our TIC investors," said H Michael Schwartz, chairman and CEO of US Commercial. "We assisted our investors throughout the down cycle and now through the disposition process."
"Both of these commercial properties offer ideal locations, a strong tenant base, which enabled them to maintain high occupancy levels even during the downturn," added Paula Mathews, executive vice president at US Commercial.
Preston Center Pavilion and Square is a 230,842-square-foot retail center that was redeveloped in 2000 and purchased by US Commercial in 2004. Preston Center is anchored by national tenants including DSW Shoe Warehouse, Marshalls, Gold's Gym, CVS Pharmacy, Office Depot, Pei Wei and Chipotle. Briar Forest Crossing in Houston is a 94,000 square foot office building located just off the Sam Houston Parkway and Briar Forest in the Westchase District, originally purchased by US Commercial in the first quarter of 2005.
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