January 16, 2019
LFT Properties Inc. acquired Village Square in the Mid-Cities, a 16,798-square-foot retail center in North Richland Hills, TX. Village Square Property LLC sold the 56%-leased center at 6400 Rufe Snow Dr.
Erik Blais with Bradford Companies represented the buyer in the off-market transaction. The new owner is planning to invest $200,000 in renovations, including an upgrade to the center’s early-80s façade, and landscape and exterior lighting improvements.
During the due diligence period, three tenants renewed and extended their leases. “That was the dealmaker,” Blais said. “My client liked the asset and location, but was hesitating because of upcoming vacancies and month-to-month leases.” Great Cuts, Pure Relaxation and NRH Martial Arts renewed their leases.
The seller was represented by Max Tsai of Agape Commercial Real Estate. Hunter Hayes of NAI Robert Lynn has the leasing assignment.
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