1500 Story Rd. | Irving, TX

With effective rents in mid-single digits, this 19,650 square foot shopping center was 92% leased but not anywhere near its potential. We purchased the property from its long-term owners in November 2018 and subsequently completed a full exterior renovation.

The Result: We were able to replace legacy tenants with new restaurants and retailers at close to 2.5 times the former rents. Upon sale, we generated a 3.17 equity multiple (after promote) in 41 months.