By STEVE BROWN
Real Estate Editor
Published 16 May 2011 03:47 PM
The 216,651-square-foot office, retail and residential project is at 1309 and 1407 Ridge Road and was sold by lender Capmark Finance Inc.
The town center development is on the east side of Lake Ray Hubbard and contains 202 apartments, 7,769 square feet of retail space and 25,388 square feet of office space.
The apartments are almost fully leased; the office space is 20 percent vacant, and the retail space is half rented.
Rockwall Commons was announced in 2003 by developer T.F. Stone Cos. The four-story, $25 million development with its skyline views was planned as an urban addition to the lakeside community.
Lamont Rattler and David Ellis of Cushman & Wakefield of Texas negotiated the sale.
“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 said in a statement. “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.”
The new owner is part of the Tabani Group, which has made more than 40 commercial property transactions valued at more than $1 billion. The company invests primarily in retail, office and land developments.