CENTCOM Realty Corporation, a special situation, distressed retail investment company founded in 2003 by David W. Pemberton, is pleased to announce the sale of Valley Ranch Centre a neighborhood destination shopping center in Coppell, Texas and Craig Crossing, a power shopping center located in McKinney, Texas.
Warren Houser, President and COO, explained, “The decision to sell was based on the uptick in market conditions, our percentage of occupancy and the excellent quality of our tenants. It turns out our timing was perfect and both properties were acquired in short order by out-of-state buyers.”
Valley Ranch Center, 118,000 sq. ft, sold to New Orleans-based PMAT and Craig Crossing, 128, 000 sq. ft., was acquired by Tel Aviv, Israel-based ALTO Fund. The transaction was handled by CENTCOM and Disney Investment Group of Dallas.
David Pemberton, CEO of CENTCOM, stated, “From the beginning, we recognized the up-side opportunities these properties presented and acquired them both in the past five years. Through careful curating of our tenant mix and aggressive leasing activity we met and exceeded our repositioning goals by increasing Valley Ranch from 26% to nearly 75% occupancy including Club 4 Fitness, Dollar Tree and Auto Zone and Craig Crossing from 34% to 90% occupancy with Club 4 Fitness, Chair King, Boot Barn and Panera Bread. These properties represent the best of the best in North Texas retail.”
CENTCOM, LLC is a commercial real estate investment firm based in Dallas, Texas doing business throughout the Southwestern United States. CENTCOM’S focus is on the acquisition of off-market, special situation distressed retail assets. Both macro and micro current events and other market forces, create opportunities favorable to value-add oriented investing. Primarily this has meant risk management, re-positioning and marketing oversight aided by capital infusion which allows CENTCOM to increase the NOI and refinance or exit the investment at the most opportune time. A signature aspect of the company’s success is the application of a contrarian investment strategy when evaluating potential deals and maintaining an investor base of institutional, family office and high net worth individuals.
David W. Pemberton, CEO, has, over his 36 year career, acquired and/or repositioned and disposed of more than 15 million sq. ft. of distressed retail property. CENTCOM is also a two-time recipient of the prestigious “Best Retail Real Estate Developments” award recognized by the Dallas Business Journal annual Best Real Estate Deals.
Warren S. Houser, President / COO, has more than 30 years of experience and is responsible for asset management and marketing oversight of the company’s retail properties. Additionally, he facilitates construction management and due diligence for acquisitions. He has been with Centcom since its inception in 2003 and is a member of the International Council of Shopping Centers, SMU Real Estate Society and is a licensed Texas Real Estate Broker.