Ace Real Property Investments, LP and Formosa Property Management Company, Inc. v. Cedar Knob Investments, LLC

CourtCourt of Appeals of Texas
DecidedJanuary 13, 2022
Docket09-19-00375-CV
StatusPublished

This text of Ace Real Property Investments, LP and Formosa Property Management Company, Inc. v. Cedar Knob Investments, LLC (Ace Real Property Investments, LP and Formosa Property Management Company, Inc. v. Cedar Knob Investments, LLC) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Ace Real Property Investments, LP and Formosa Property Management Company, Inc. v. Cedar Knob Investments, LLC, (Tex. Ct. App. 2022).

Opinion

In The

Court of Appeals

Ninth District of Texas at Beaumont

________________

NO. 09-19-00375-CV ________________

ACE REAL PROPERTY INVESTMENTS, LP AND FORMOSA PROPERTY MANAGEMENT COMPANY, INC., Appellants

V.

CEDAR KNOB INVESTMENTS, LLC, ET AL, Appellees

________________________________________________________________________

On Appeal from the 284th District Court Montgomery County, Texas Trial Cause No. 16-12-14842-CV ________________________________________________________________________

MEMORANDUM OPINION

The Court’s opinion and judgment of October 28, 2021 are withdrawn and the

following are substituted in their place. The motion for rehearing is denied.

Ace Real Property Investments, LP (Ace) sued Cedar Knob Investments, LLC

(Cedar Knob) and its President, Carmen Williams (Williams) for breach of contract,

common law fraud, fraud by non-disclosure, statutory fraud, negligence, negligent

misrepresentation, gross negligence and malice, and violations of the Texas Real

1 Estate Licensing Act arising out of a commercial real estate transaction in

Montgomery County, Texas.1, 2 Ace sought to hold Cedar Knob liable for Williams’s

acts through respondeat superior and further sought to pierce the corporate veil and

hold Williams personally liable. Cedar Knob counterclaimed against Ace and filed

a third-party petition against Ace’s general partner, Formosa Property Management

Company, Inc. (Formosa), for attorney’s fees. Cedar Knob also filed third-party

claims against Home Run Realty—Commercial & Residential, Inc. (Home Run),

Ace’s real estate broker.

The trial court granted Cedar Knob and Williams’s traditional and no-

evidence motions for summary judgment on all Ace’s claims and subsequently

signed a final judgment disposing of all parties and claims. The final judgment

provided Ace take nothing on all claims against Cedar Knob and Williams, and it

awarded $249,513.90 in attorney’s fees to Cedar Knob and Williams, post-judgment

1 Ace also sued Cedar Knob’s broker, Marcus & Millichap (“M&M”) but non- suited that entity before judgment. 2 Additionally, Ace named Linda Chaison as a defendant but never served her, and she never appeared. Although neither party contends that the judgment is not final or appealable, we review sua sponte jurisdictional issues. See M.O. Dental Lab v. Rape, 139 S.W.3d 671, 673 (Tex. 2004). “A judgment is final for purposes of appeal if it disposes of all pending parties and claims in the record[.]” Lehmann v. Har–Con Corp., 39 S.W.3d 191, 195 (Tex. 2001). Here, the Final Judgment “disposes of all claims and all parties before the Court.” Likewise, Ace acknowledges it never served Chaison, and she never appeared in its brief. Our review indicates this is a final, appealable judgment as nothing in the record indicates Ace intended to serve Chaison, and she never appeared or filed any pleadings. See M.O. Dental Lab, 139 S.W.3d at 674. 2 interest, and costs. The final judgment provided that these awards could be recovered

jointly and severally from Ace and its general partner, Formosa. Ace and Formosa

appeal the trial court’s judgment in favor of Cedar Knob and Williams, the trial

court’s order denying Plaintiff’s request for an extension of deadlines, and the trial

court’s order granting Defendants’ motion to strike Ace’s economic expert. Ace and

Formosa raise multiple issues, which can be grouped as challenges to: (1) the

granting of the no-evidence summary judgment motion; (2) the granting of the

traditional summary judgment motion; and (3) the granting of the motion to strike

Ace’s economic expert and refusal to extend deadlines. We will affirm in part and

reverse in part.

I. Background

A. The Parties and Property

In 2010, Cedar Knob acquired a commercial property, formerly an auto

dealership, from Buckalew Chevrolet. Cedar Knob renovated the property, turning

it into multiple office spaces, and leased it to various tenants. In May 2015, Ace

purchased the property, now known as Wilson Road Plaza, from Cedar Knob.

The purchase of the property began in late 2014, when Cedar Knob’s broker,

M&M prepared an Offering Memorandum for the property, which listed the

property’s CAP rate as 9.88% and provided a current rent roll and expense

information. The Offering Memorandum also included a “Lease Expiration

3 Summary” showing that more than 84% of the existing tenants’ leases would expire

by December of 2016. After seeing the property listed online, Shelley Chen, a real

estate investor and Ace’s managing partner, had her agent, Nolan Nix of Home Run,

contact M&M to obtain more information on the property. As Ace’s primary

decision-maker and a former C.P.A., Chen is an experienced real estate investor.

Chen’s agent, Nix, described her as a “very experienced” buyer and cited her

extensive history of purchasing and selling properties. On February 23, 2015, upon

Ace’s request for information on the property, M&M forwarded the Offering

Memorandum, and the parties executed a letter of intent.

B. The Contract

On February 27, 2015, Ace executed a contract to purchase the property for

$4,500,000, using the standard Texas Association of Realtors (TAR) Commercial

Property Contract Form. That contract required the seller, Cedar Knob, to provide

the following information:

(a) a current rent roll of all leases affecting the Property certified by Seller as true and correct; (b) copies of all current leases pertaining to the Property, including any modifications, supplements, or amendments to the leases; (c) a current inventory of all personal property to be conveyed under this contract and copies of any leases for such personal property; (d) copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing; (e) copies of all current service, maintenance, and management agreements relating to the ownership and operation of the Property; (f) copies of current utility capacity letters from the Property’s water and sewer service provider; 4 (g) copies of all warranties and guaranties relating to all or part of the Property; (h) copies of fire, hazard, liability, and other insurance policies that currently relate to the Property; (i) copies of all leasing or commission agreements that currently relate to the tenants of all or part of the Property; (j) a copy of the “as-built” plans and specifications and plat of the Property; (k) copies of all invoices for utilities and repairs incurred by Seller for the Property in the 24 months immediately preceding the effective date; (l) a copy of Seller’s income and expense statement for the Property from 1/1/12 to current; (m) copies of all previous environmental assessments, geotechnical reports, studies, or analyses made on or relating to the Property; (n) real & personal property tax statements for the Property for the previous 2 calendar years; and (o) Tenant reconciliation statements including, operating expenses, insurance and taxes for the Property from 1/1/12 to current; and (p) Tax Form 8825 from 1/1/12 to 12/31/14.3

The contract further required Cedar Knob to provide estoppel certificates from each

tenant leasing space in the property. The contract gave Ace the “unrestricted right to

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Ford Motor Co. v. Ridgway
135 S.W.3d 598 (Texas Supreme Court, 2004)
Cire v. Cummings
134 S.W.3d 835 (Texas Supreme Court, 2004)
M.O. Dental Lab v. Rape
139 S.W.3d 671 (Texas Supreme Court, 2004)
Willis v. Donnelly
199 S.W.3d 262 (Texas Supreme Court, 2006)
FM Properties Operating Co. v. City of Austin
22 S.W.3d 868 (Texas Supreme Court, 2000)
E.R. Dupuis Concrete Co. v. Penn Mutual Life Insurance Co.
137 S.W.3d 311 (Court of Appeals of Texas, 2004)
Merrell Dow Pharmaceuticals, Inc. v. Havner
953 S.W.2d 706 (Texas Supreme Court, 1997)
Lee Lewis Construction, Inc. v. Harrison
70 S.W.3d 778 (Texas Supreme Court, 2002)
Spohn Hospital v. Mayer
104 S.W.3d 878 (Texas Supreme Court, 2003)
Vaughn v. Ford Motor Co.
91 S.W.3d 387 (Court of Appeals of Texas, 2003)
TransAmerican Natural Gas Corp. v. Powell
811 S.W.2d 913 (Texas Supreme Court, 1991)
Wilborn v. GE Marquette Medical Systems, Inc.
163 S.W.3d 264 (Court of Appeals of Texas, 2005)
Science Spectrum, Inc. v. Martinez
941 S.W.2d 910 (Texas Supreme Court, 1997)
Werth v. Johnson
294 S.W.3d 908 (Court of Appeals of Texas, 2009)
Reardon v. Lightpath Technologies, Inc.
183 S.W.3d 429 (Court of Appeals of Texas, 2005)
Lehmann v. Har-Con Corp.
39 S.W.3d 191 (Texas Supreme Court, 2001)
City of Keller v. Wilson
168 S.W.3d 802 (Texas Supreme Court, 2005)
McCarthy v. Wani Venture, A.S.
251 S.W.3d 573 (Court of Appeals of Texas, 2007)
Haden v. David J. Sacks, P.C.
332 S.W.3d 503 (Court of Appeals of Texas, 2009)

Cite This Page — Counsel Stack

Bluebook (online)
Ace Real Property Investments, LP and Formosa Property Management Company, Inc. v. Cedar Knob Investments, LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/ace-real-property-investments-lp-and-formosa-property-management-company-texapp-2022.