Everyone's mum about the sale terms for the 40-year-old, 167,000-sf shopping center, positioned at the southwest corner of Preston Road and Forest Lane in North Dallas. The Dallas-based Olympus and Pilchers joint venture had bought the high-visibility center in March 1998 and immediately set into action a turnaround plan for the then 69%-occupied property. In the past three years, NOI has doubled and is now riding at $3 million, says David B. Deniger, Olympus' general managing partner.
Whole Foods had been lured to primary anchor spot in the center as part of the repositioning effort coupled with $3 million in renovation and expansion. Existing tenants had been strategically relocated within the holding all the while attracting new retailers such as Ulta3 Cosmetics, Rochester Big & Tall, Binder's Art Supply and Luckman's home interiors.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.