Brentwood, Tennessee-based developer and real estate sponsor CMK Properties recently completed a $54.6 million sale of a 35-store Dollar General portfolio located across 12 states.
On August 23, 2018, Brentwood-based CMK Properties completed its purchase of a 45,000 square foot medical office building in Hurst, Texas. The deal marks CMK’s first acquisition in the Dallas-Fort Worth metro area, which is the fourth largest and fastest growing MSA in the country.
High investor demand for growth-oriented investments led CMK to pursue this property. “When we were told about this off-market, class A building, we knew the timing was right to jump on this deal,” said CMK President John Hopfensperger. “We’ve been crafting a value-add model for some time and this opportunity came along at the perfect moment for us. It’s very difficult to find such well-located properties that are attractively priced in a booming market like DFW.”
CMK plans a number of improvements to the property, including modernizing interior common areas, improving visibility through landscaping and signage, and renovating and leasing vacant space. To manage the property the company hired longtime Welltower executive Karen Darcangelo, who has extensive property management experience in the medical office arena.
“The combination of building improvements, professional leasing efforts, and top-notch property management will establish this as the preeminent professional office building in the Hurst-Euless-Bedford submarket of DFW,” remarked Hopfensperger. CMK plans to continue purchasing value-add and opportunistic office properties in Texas and throughout the southeastern US.