Chestnut Development Partners, LP has invested in a joint venture that acquired The Shops at Hulen in Fort Worth, Texas. This is Chestnut’s second investment in Texas and second joint venture with Benbrooke Realty Investment Company.
“This property needs modest capital improvements, but we expect that with this location in the heart of a robust submarket and proximate to the world’s largest retailer, we will stabilize the rent roll in short order,” says George Ackerman of Benbrooke Realty Investment Company.
The Shops at Hulen is a 28,382 square foot shopping center that was constructed in 2005. Currently 59 percent leased, it is shadow-anchored by a Walmart Supercenter and located near the heart of the South Hulen retail submarket. Benbrooke and Chestnut will embark upon cosmetic renovations and an aggressive leasing campaign. Chestnut and Benbrooke intend to benefit from the strong demand for retail property in the Hulen submarket by positioning The Shops at Hulen as an attractive value alternative for retail tenants, said officials.
Debt financing for the acquisition was provided by Southwest Bank of Fort Worth. Tommy Tucker with The Shop Companies represented the Seller. Pretium Property Management has received the property management assignment from the new owners.