Tabani Acquisitions LLC has purchased Rockwall Commons from lender Capmark Finance Incorporated – financial terms of the deal were not disclosed.
The development, located at 1309 and 1407 Ridge Road in Rockwall, is on the east side of Lake Ray Hubbard. It includes 25,388 square feet of office space, 202 apartments and 7,769 square feet of retail space.
Currently, the office space has 20 per cent vacancy and the retail space has about 50 per cent vacancy.
The sale was negotiated by Lamont Rattler and David Ellis from Cushman & Wakefield.
“This was [a foreclosed property] sale only because the asset was originally delivered in a difficult time to attract retail and office tenants, but the quality of the asset never came into question,” Rattler stated.
“Now that the market is turning around, the upside potential of this asset is strong and is what attracted interest from both local and out-of-state private investors looking for moderately risked value-add opportunities.”
Rockwall is a suburb of Dallas located in Rockwall County, which is the second wealthiest county in Texas.
Meanwhile, the city of Dallas is in the middle of a mayoral election that will go to a run-off between Mike Rawlings and David Kunkle next month.
The city is facing a gap of USD 79.3 million in its municipal budget. Cuts have been planned, including the closing of recreational centres and swimming pools, as well as the raising of taxes.
Additionally, a total of 43 city jobs could be cut, a move which has caused angry reactions from some city workers.
Editor’s notes: In June 2023, a range of 1, 2 and 3-bed apartments were being marketed on the rental market. The office space was fully leased.