The retail center located at 104 and 108 E. U.S. Highway 80 in Forney, TX recently sold to Bloomfield Frontline Forney Commercial Retail LLC, a syndication partnership set up by managing partners and promoters Steve Fithian with Sperry Van Ness / Visions Commercial and Thomas K. Wilson with Wilson Investment Properties.
The retail center was sold by Forney Group, Ltd with Sean M. Byrne with the Byrne Company representing the seller, and Fithian representing the buyer.
Sperry Van Ness / Visions Commercial will manage the retail center, which is located on 3.53 acres of land on the westbound U.S. Highway 80 Frontage Road just before Pinson Road (FM 740.) Forney is an eastern suburb of Dallas that is situated approximately nineteen miles east of downtown Dallas.
Phase I of the retail center (104 E. U.S. Highway 80) was built in 2006 and Phase II of the retail center (108 E. U.S. Highway 80) was built in 2008. Current tenants include 20/20 Sight, Time Out Sports Café, Merle Norman Cosmetics, Peak Physical Therapy, Angels Care Home Health, My Spa, H&R Block, Conaway Homes and Forney Family Dentistry.
“This property was attractive for its upside potential,” Fithian said. “In addition, it’s a great location because Forney is experiencing a population boom.”
According to the Forney Economic Development Corporation, Forney is the 15th fastest growing town in the DFW area and has experienced 225 percent population growth since 2000.
The property was purchased through a real estate syndication set up by Fithian and Wilson. Much like “crowd-funding,” real estate syndication investing is a means for investors to pool their money together to purchase real estate properties, with each investor owning a percentage of the shares in the property.
“Because the Texas market is booming, quality investments are becoming more of a challenge for investors to individually find,” Fithian said. “Syndication investing enables an investor to participate in larger and higher-quality investments that they normally wouldn’t be able to participate in on their own.”
This is the second retail syndication Fithian and Wilson have put together this year. The first syndication, Bloomfield Frontline Burleson Retail LLC, purchased a retail center located at 1055 SW Wilshire Blvd in Burleson, TX. Sold by SPCP Group VI, LLC with Clint Montgomery of Sperry Van Ness / Visions Commercial representing the seller, the retail center was built in 2008 on 2.25 acres of land. It is located in the main Burleson retail corridor, adjacent to Super Wal-Mart. Current tenants include CATO Fashions, Shoe Show, Fred Loya / Rodney D. Young Insurance, World Finance Corp. of Burleson and Perla Dental.
“With its location on Wilshire Blvd. and its proximity to Super Wal-Mart, this property is extremely attractive for both tenants and investors,” Montgomery said.
According to demographic information pulled from the U.S. Census Bureau, approximately 67,700 residents live within five miles of the property.
“Real estate syndications are a great way to invest in a real estate property without having to finance the entire investment or worry about the management of the property,” Fithian said. “And because the investment is in a higher-quality property, better financing is available than with smaller properties and there is potential to obtain lower insurance costs.”
To learn more about real estate syndication investing with Tom Wilson and Steve Fithian, visit http://www.wilsonincomeproperties.com/available-properties. In addition, listen to Tom and Steve talk about real estate syndication investing on Real Estate Radio Live, by visiting https://svntrinity.com/fithian-interview-re-radio.