NewQuest Properties Arranges Off-Market Sale Of 100%-Leased Retail Center in Waco
October 25, 2023
WACO, Texas – A North Carolina-based investor, with other assets in Waco, has acquired a fully leased retail center southwest of downtown in an all-cash, off-market transaction with a longtime owner.
The just-sold project is the 30,400-sf Center West at 4700 W. Waco Dr. Dakota Workman, vice president of NewQuest Properties’ investment sales division, sourced and spearheaded the acquisition for SPTX 4700 LLC, in direct negotiations with the seller, West Waco Drive Ltd., a high net-worth local family.
“The deal closed within 55 days at the contract price,” Workman says. “It was a very smooth transaction for the buyer and seller.”
Workman’s cold call to the seller jump-started talks with the out-of-state investor, who’s a Baylor University alumnus only interested in Waco investments. “I brought up this off-market deal that I found and he immediately was interested,” Workman says.
Center West is a 10-tenant mix of franchisees for national and regional brands as well as local services-related retailers. The largest is RDA Pro-Mart, a beauty products’ supply chain occupying 9,000 sf. Other top names include DreamMaker Bath & Kitchen and Studio Gallery.
The 1.75-acre Center West is part of a commercial corridor for one of the city’s busiest highways. It is situated 4.5 miles south of the university.
As part of the value-add investment, the buyer is planning to renovate Center West and bring rents to market rate, according to Workman. The project was completed in 1965 and last renovated in 1986.
“There is good upside for the buyer in the renovation and rollover,” Workman says. “The majority of leases are short term and set to expire soon.”
SOUTH TEXAS SALES
The Heiden Family Trust has acquired the 40,298-sf Shoppes at Magnolia Circle, located at 7424 FM 1488 Rd., Magnolia, from NewQuest Properties. Marc Peeler and Andrew Alvis of NewQuest Properties represented the seller. Todd Moore and Connor Duffy of Colliers International Houston represented the buyer.
Fort Bend Business Inc. has acquired a 9,686-sf convenience store and gas station on 0.67 acres 16805 Bissonnet St., Richmond, from Camillo C-Store 2 LLC. Marc Peeler and Rick Ragan of NewQuest Properties represented the seller in the direct deal.
SOUTH TEXAS LEASES
Crave Cookies and Morton Tailors & Alterations have leased 1,750 sf and 1,050 sf, respectively in Grand Morton Town Center, located at the intersection of Grand Parkway/TX 99 and Morton Ranch Road, Katy, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord in the direct deals.