Noori Abdulghani Of Linhope Companies Acquires Retail Site From Johny Kenny In Dallas
10620 East Northwest Highway
Building Size
19,000 SF
Asset Type
Retail
Closing
Jun 21, 2024
AI
The property involved in this transaction is a retail asset located at 10620 East Northwest Highway in Dallas. The site encompasses 19,000 square feet on 1.15 acres. Previously home to various businesses including Hollywood Video, Dollar General, and a furniture store, this location is positioned in the Old Lake Highlands area. The current buyer has plans to repurpose a significant portion of the building for The Goddard School, catering to the local demand for childcare services.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 10620 East Northwest Highway
- Market: Dallas
- Buyer: Noori Abdulghani - Linhope Companies
- Seller: Johny Kenny
- Buyer’s Representative: Steve Wentz - Cushman & Wakefield
- Seller’s Representatives: Michael Ytem & Luke Nolan - Younger Partners
Younger Partners represented the seller, Johny Kenny, with Senior Vice President Michael Ytem and Associate Luke Nolan involved in the negotiation. The buyer, Noori Abdulghani, president of Linhope Companies, expressed the importance of the retail storefront’s location for adaptive reuse into a childcare facility, addressing the local need for childcare. With only 14 childcare facilities within a 15-mile radius of Lake Highlands, this new development is anticipated to provide a valuable service to surrounding residential communities.
Players
Dallas Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93