West Oaks Mall $102 million in 2005 goes for $15M in 2009

Pacific Retail Capital Partners acquired the approximately 1.1 million-square-foot West Oaks Mall in Houston for $15 million through marketing conducted by HFF for special servicer LNR Partners. The principals of Pacific Retail Capital Partners - then with Somera Capital - previously purchased the mall in 2003, made substantial renovations and sold it in 2005 for $102 million to Investment Properties of America. Investment Properties of America was a firm controlled by Edward H. Okun, the former owner of The 1031 Tax Group LLP who this past summer was sentenced to a century in prison for his leading role in a scheme to defraud and obtain approximately $126 million in client funds held by The 1031 Tax Group. "West Oaks Mall is an incredible value, well-located in a thriving community but it also requires a significant investment of management and leasing expertise to reposition the mall. We will work to repair the center's image in the community as well as invest capital to refresh the property and potentially undertake some redevelopment," noted Steve Plenge, managing principal, Pacific Retail Capital Partners. "We have the advantage of previous experience with the property. We know the community and we completed a major renovation just four years ago. With this background we can quickly start marketing the property to a variety of potential tenants." West Oaks Mall currently has three major anchors, Dillards, Macys and Sears. Previous anchor tenants JCPenney and Mervyns exited the center leaving these spaces available for renovation and repositioning. The team has specifically identified the wing of the center formerly anchored by Mervyns to evaluate for redevelopment. The remainder of the center's retail space is approximately 60% occupied. Pacific Retail Capital Partners has created a joint venture with Collarmele Partners to handle the management, retail leasing, redevelopment and construction supervision of the mall. The West Oaks Mall acquisition is the first for Pacific Retail. The company is targeting additional regional mall acquisitions with attributes similar to West Oaks Mall, an unvalued, underperforming center in a strong community where it can apply its leasing, management and development expertise to improve performance and asset value. HFF senior managing directors Robert Williamson and Rusty Tamlyn represented special servicer LNR Partners Inc. in the sale, which they acquired in 2008 through foreclosure.


For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf

Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin


Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,

or feel to add me to your


INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K


Information About Brokerage Services


Information About Brokerage Services Information About Brokerage Services read more...