Henry S. Miller Partnership Takes Over Montfort Plaza

DALLAS-Labeled as a “perfect match” for a 1031 exchange, a Henry S. Miller Holdings Corp. partnership has rolled the 29,747-sf Montfort Plaza into its portfolio. The 90%-leased asset in North Dallas was listed for $5.25 million.

“With all the new construction and teardowns in that area, it’s just a well-positioned center,” says Darrell Hurmis with Dallas-based Henry S. Miller Commercial. He tells GlobeSt.com that the partnership, HSM Montfort Plaza Ltd., assumed a conduit loan to acquire the 13531 Montfort Dr. from a local seller, Montfort Plaza Shopping Centers Ltd. “Unfortunately the conduit loan added 2.5 months to the process,” he says, pointing out the deal otherwise would have closed in less than two months. According to online research, GE Commercial Finance cleared a $2.9-million loan on the asset in February.

The partnership’s exchange funds came from the sale of a shopping center in Dallas, according to Hurmis. The replacement property is intended to be a long-term hold, he says. “It fit perfectly,” he adds.

Hurmis says the new owner will operate Montfort Plaza just like as it’s been running: no renovation and no teardown plan. HSM Interests Inc. is taking over leasing and management from the seller. A couple leases rolled while the asset was under contract, but the tenants renewed, he says. As for the rest of the roster, he says there is no near-term roll in the 1980s-era center, which is predominately filled with entrepreneurial retail shops at the crossroads of Montfort Drive and Alpha Road.