5220 Belt Line Road , Addison , TX 75254 A 162,000 square foot community shopping center located in the "restaurant row" corridor of Addison, Texas. The property was acquired in December 2003 for $12 million from MONY Life Insurance Company at a 9.5% cap rate. The investment strategy included redeveloping and leasing a 60,000 square foot former Service Merchandise box, while improving the tenant mix and credit quality of the small shop spaces. Subsequent to procuring a credit tenant for the entire first floor of the former Service Merchandise space, nearly twice the equity was returned to investors with a refinance that was completed in August 2006. . Back To Portfolio   |  Next Property