Scroll down to view the recorded webinar with Chestnut Real Estate Funds & Benbrooke Realty Investment Company
Fort Worth, TX
Benbrooke Realty Investment Company (“Benbrooke”) and Chestnut Real Estate Funds, LLC (“Chestnut” and collectively, “Sponsor”) are offering the opportunity to invest in the ownership of the Shops at Hulen in Fort Worth, TX, a 28,344 square foot shopping center. The shopping center is currently 95% occupied, however one of the tenants is vacating their space at the end of 2018, resulting in 85% occupancy. The investment in Shops at Hulen is a value-add investment with additional value creation through the lease-up of vacant space and increasing rents of existing tenants.
Available to Registered Users
Available to Accredited Investors:
Shops at Hulen is located in the core of the Hulen retail submarket, which is anchored by the Hulen Mall. It is one of the most vibrant and successful retail trade areas in Tarrant County and includes many national and regional retail stores. The $300 million master-planned Shops at Clearfork development sits on 270 acres less than 10 minutes north of the Shops at Hulen. The property is shadow-anchored by a Walmart Supercenter. Traffic counts on South Hulen Street are over 42,000 vehicles per day. The submarket includes dozens of national retailers including Walmart, Kroger, Costco, Super Target, Hobby Lobby, 24-Hour Fitness, Starbucks, Dollar Tree and many more. The property is situated near a new limited access toll-road known as the Chisholm Trail Parkway from which there is an exit leading to Oakmont Boulevard and the Walmart that is adjacent to Shops at Hulen. The Parkway connects the suburban areas of southwest Fort Worth to Interstate 30 and eventually to downtown Fort Worth continuing to spur growth in the area.
Available to Accredited Investors:
Below are some of the most frequently asked questions about this offering.
The Sponsors first acquired the Property in 2015 at an acquisition price of $3.95M, when it was 58% occupied. Sponsors provided the entirety of the original required equity investment totaling $1.73M. Since that time, Sponsors have stabilized the asset, and it is now 95% occupied (one tenant’s lease will expire shortly, which will bring occupancy to 85%). A recent appraisal and several offers support a FMV in excess of the stipulated $4.9M acquisition price. During a recent refinance, Sponsors received approximately $800k from their initial investment. In this present transaction, a portion of the recapitalization proceeds will be distributed to the Sponsors, and a portion ($611k) representing 38% of the required equity is anticipated to be reinvested at close.
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In the meantime, please review the offering documents and financials.