Ballenger said the success of Spring Creek Village, and its strength, comes from the selectivity he brought to leasing. He frankly acknowledged that he “didn’t lease to everybody.” He said he counseled with would-be tenants, making sure that newcomers to retailing or restaurants, especially, knew the risks of failure.
Up next for him? “I’ve got some things on my agenda. I wanted a little time to do a little traveling,” he said, adding that he also has some other investment ideas.
The sale and high price are signs of the times in that investors nationally are looking for high-end properties with good revenue because they’re seen as safe, said Jim Parrack, senior vice president and retail property specialist with Price Edwards & Co.
Parrack said the sale was somewhat unusual, however, because so many local tenants make it “a little bit risky” for basing credit. He said the buyer probably is a local investor.
Little said financing for the acquisition was provided by John Meyers of RCB Bank. Pilar Beare of First American Title & Trust Co. provided title and escrow services.