A Chattanooga commercial real estate firm said Wednesday it has acquired a Texas shopping center. Chestnut Development Partners has acquired The Shops at Hulen in Fort Worth, Texas — its second investment in Texas and its second joint venture with Benbrooke Realty Investment Co.
“This property needs modest capital improvements, but we expect that with this location in the heart of a robust submarket and proximate to the world’s largest retailer, we will stabilize the rent roll in short order,” said George Ackerman of Benbrooke Realty Investment Company.
The Shops at Hulen is a 28,382-square-foot shopping center that was constructed in 2005. The center is currently 59 percent leased and is built next to a Walmart Supercenter. Benbrooke and Chestnut will embark upon cosmetic renovations and an aggressive leasing campaign.
The Chattanooga-based Chestnut Properties ‘s investments are in office and retail properties located in various mid-Atlantic and Southeastern markets. Chestnut is focused on making investments alongside experienced partners in development, redevelopment and value-add commercial real estate projects.