4-1-2011: TRC Acquires Village on the Parkway in Dallas, Texas
Village on the Parkway Sold to Real Estate Trio
The Retail Connection, L.P., Lincoln Property Company Commercial Inc., and the Fidelity Real Estate Group announced today that they have acquired Village on the Parkway, a 380,000 square foot lifestyle center located at Beltline Road and the Dallas North Tollway in the Addison area of the Dallas Fort Worth Metroplex. The center was sold by J.E. Robert Company after the default by its previous owner.
“We are excited about acquiring one of the premier retail locations in the DFW metroplex and redeveloping it into a first class retail, entertainment and dining district. Utilizing the talents and experience of our partners and the City of Addison, we will insure the long term success of this center,” said Alan Shor, President of The Retail Connection, L.P.
Village on the Parkway has been an important part of the retail and restaurant landscape in North Dallas since 1981, and consists of seven Mediterranean-style buildings with gardens, monument towers and water gardens throughout the center. The center has been re-merchandised over the years with local and national retailers and restaurateurs and has maintained a high occupancy while acting as the gateway to the City of Addison.
“We are pleased to team with The Retail Connection and Fidelity Real Estate Group to purchase one of the best retail assets in the marketplace,” said Robert Dozier, Executive Vice President of Lincoln Property Company Commercial Inc. With our collective capital strengths and vast experience in the redevelopment and repositioning of retail properties, we expect to achieve the great success this center deserves,” stated Dozier.
With its position as a primary entertainment, shopping and restaurant district, Village on the Parkway offers outstanding visibility to its tenants, convenient access for its customers and superb demographics.
The Fidelity Real Estate Group made the investment on behalf of an institutional value-added real estate fund.
About The Retail Connection
Founded in 2003, The Retail Connection has seen rapid growth in its full service platform of real estate services, while naming some of the most successful retailers in the country as its retail clients and partners. The Retail Connection provides strategic planning, tenant representation, project leasing, general brokerage, surplus property dispositions, national advisory services, as well as acquisition, development and merchant banking services. The Retail Connection currently represents over 200 retail and restaurant chains and over 20 million square feet of listings, including approximately 2 million of its own projects. The company is headquartered in Dallas with offices in Houston and San Antonio.
About Lincoln Property Company
Lincoln Property Company was founded in 1965 and is one of the largest diversified real estate firms in the U.S. Lincoln Property is nationally recognized for its full-service, vertically integrated institutional investment and property management platform. Since 1965, Lincoln has acquired and developed approximately $34.3 billion of residential and commercial property. Lincoln currently maintains a presence in 200 cities in the United States and currently manages over 120 million square feet of commercial properties and 135,000 multi-family units across the country. In addition to development and management, the company offers its clients a variety of real estate consulting services. LPC’s acquisition experience over the past 10 years includes $2.7 billion of purchases in 136 separate transactions with numerous institutional partners. The company has developed over 104 million square feet of commercial property and currently manages over 150 million square feet. Lincoln Property Company is one of the most respected and diversified service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe. www.lpc.com
About The Fidelity Real Estate Group
The Fidelity Real Estate Group is a Boston-based private equity real estate investment manager formed in 1993. The group invests principally on behalf of institutional clients, including corporate and public pension funds, endowments and foundations. As of
December 31, 2010, the Real Estate Group has invested over $2.3 billion of equity in 175 different value-added transactions, representing over $7 billion of gross property value. Comprised of 27 professionals, the group operates as a focused investment boutique within the larger Fidelity organization. www.pyramis.com/realestate