Rockwell Commons Sold to Local Buyer
16 May, 2011, Dallas
Cushman & Wakefield of Texas, Inc. (C&W) announces the sale of Rockwall Commons, a 216,651-square foot mixed use property located at 1309-1407 Ridge Rd. in Rockwall, Texas. Lamont Rattler and David Ellis from the Dallas office of C&W's Capital Markets Group were a part of the team that represented the seller, Capmark Finance, Inc. Tabani Acquisitions, LLC, a Dallas-based investment group, was the buyer.
Rockwall Commons, situated on the east side of Lake Ray Hubbard, just north of Interstate Highway 30, is a town-center style property comprised of 202 multifamily units, 7,769 square feet of multifamily retail, 25,388 square feet of office, and 5,750-square foot retail pad. The apartments were stabilized at 95% occupancy, while the office and retail occupancy was approximately 80% and 50%, respectively, at the time of the sale.
"Rockwall Commons is a unique property that has not other asset like it in the submarket," said Mr. Rattler. "This was an REO sale only because the asset was originally delivered in a difficult time to attract retail and office tenants, but the quality of the asset never came into question. Now that the market is turning around, the upside potential of this asset is strong and is what attracted interest from both local and out of state private investors looking for moderately risked value add opportunities."