Office, Retail Quarterbacks Hired for 178,000-SF Repositioning

CARROLLTON, TX-Madison Realty, with local and European ties, is ready to try again on a 178,000-sf, 20-year-old suburban shopping center that’s begging for repositioning. Madison has hired two well-known veterans who are teaming for the first time in a co-marketing contract for not just one, but three of Madison’s Dallas-Fort Worth holdings.

The duo is Jerry Reis of Irving-based Property Advisers Realty Inc. and Tom Metcalfe of Coldwell Banker Commercial-SA in Dallas. And the first project is Furneaux Creek, a 25% vacant center at the crossroads of Old Denton Road and Texas 190 in Carrollton.

Reis leases Madison’s office-tech product and was hired to steer Furneaux Creek’s office leasing, construction management and property oversight. Metcalfe is tasked with his specialty, retail leasing and development. Madison tried to turn around the center with two other listing agents in the two years that it’s owned the holding. It is hoped that as the line goes, “the third time is a charm.”