Security National Financial Corporation (NASDAQ symbol-SNFCA) released the announcement of the purchase of 23,500 square feet of retail space in the greater Dallas-Fort Worth area. The property, named Sublett Crossing, leads the commercial holdings of Security National into the neighborhood retail market and allows the Company to grow and develop new relationships with leasing and management companies in that region.
Included in the sale of the property, as a value added component, is a retail pad that could be used for future development opportunities. Similar retail pads in the area have been developed into fast food restaurants and have increased the traffic to the already successful retail center. Anchoring the retail center is an Albertsons grocery store, which was not part of the purchase; however, this anchor is a benefit to the overall center. The Company believes the outlook of the retail shopping center is favorable.
Currently, the property has an occupancy rate of 75%, and there is one prospective new lease under review with a national tenant. With the current in-place tenants, the shopping mall provides a suitable return and allows for continued upside in yield through additional leasing and the undeveloped retail pad.
Garrett S. Sill, the Company’s Chief Financial Officer, said: “The purchase of Sublett Crossing retail center in an off-market transaction has already been recognized as a promising purchase due to its strategic location. Our long-term hold policy, in addition to purchasing the property at an attractive price, should work to benefit our stockholders in the near future.”This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.