DALLAS, TX, April 11, 2014 (GLOBE NEWSWIRE) -- Henry S. Miller announces the change in ownership for one of their most prominent North Texas retail assets: Little Elm Towne Crossing (LETC). "Timing is everything," said President and CEO, Greg Miller. "We had a lot of interest in Little Elm Towne Center and the timing couldn't have been better for us to sell.
We bought this property in 2005 with a syndication of high net worth individuals formed by our equity group. The investment was initially structured as a land deal but soon thereafter we recognized that this was a premier retail location. Accordingly, we decided to develop it as a shopping center which provided strong cash flow. We're pleased to deliver a very healthy return to our investors with the sale of this asset."
Little Elm Towne Crossing was developed by Henry S. Miller in 2008. Miller purchased the 21 acres and built the 170,000 square foot neighborhood shopping center. LETC is prominently located at the northwest corner of Eldorado Parkway and Farm-to-Market 423 in the northern portion of Little Elm. Anchored by Hobby Lobby and 24 Hour Fitness, LETC features well-known retailers: Hibbets Sports, Planet Tan, Baskin-Robins, Monarch Dental, Baylor and more. LETC has consistently retained an exceptional occupancy range.
A team of Henry S. Miller agents was assembled to sale Little Elm Towne Crossing: Robert Grunnah and Darrell Hurmis, President and Executive Vice President respectively, of the Investments-Land Division and Daniel Harris of the Retail Division. "We were honored to have the opportunity to sell Little Elm Towne Crossing and expected that this high quality asset would be a well-received offering in today's competitive market," said Grunnah.
Henry S. Miller proudly announces the LETC Dunhill LLC as the new owner of Little Elm Towne Crossing. "It was a pleasure with these quality buyers. Bill Hutchinson's track record for acquiring premier properties for his investors is well known and this was a characteristic transaction," said Hurmis.
LETC Dunhill LLC plans to keep the asset as an investment hold for the immediate future; there are no plans for renovation. "I am very proud and honored to have been selected as the new owner of Little Elm Town Crossing. Being able to buy a shopping center from the legendary Miller family is the pinnacle of what Dunhill Partners strives to accomplish. Their ability to develop top shelf properties in great locations is well known in the industry. We will be good stewards of LETC and we are grateful to have been chosen as the subsequent owner following the Miller group and their great tradition, so rare in the industry we see today," said Bill Hutchinson, President of Dunhill Partners.
About Dunhill Partners: www.dunhillpartners.com
Dunhill specializes in the sale, acquisition, leasing, and management of retail shopping centers from Texas to Hawaii. Dunhill, Inc. was originally established by Mr. William L. Hutchinson on January 23, 1984 to focus on commercial real estate in the Dallas area. Since that time, Dunhill has grown to become one of the leading commercial real estate firms in the southwest focusing on retail shopping centers. Dunhill has bought and sold $3 billion worth of shopping centers in the last 10 years.
Through many years of real estate experience, Dunhill has built up an impressive roster of key network contacts, including highly-qualified principals, brokers, lenders, contractors, title associates and legal advisors. Their vast array of contacts enables Dunhill to stay abreast of active buyers and sellers, market conditions, business trends, tenant requirements, new construction sites, newly foreclosed properties, investor priorities and financing availability. This in-place network is one of the primary reasons for the many successes of the organization.
About Henry S. Miller: One Family. One Vision. A Century of Excellence.
Dallas-based Henry S. Miller Companies is one of Texas' largest and oldest independent full service commercial real estate firms. Established in 1914, Henry S. Miller celebrates 100 years of excellence in real estate service. Henry S. Miller was founded on the principles of integrity and service. The same principles that built the Dallas Skyline in the last century will propel the landscape of Texas in the next century.
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CONTACT: Melissa "Missy" Hodges VP of Marketing/Research 972.419.4068 email@example.comSource: Henry S. Miller Companies