1-23-2015: Weatherford Ridge Sold to Dunhill Partners


The Retail Connection and North American Development Group Announce the Sale of Weatherford Ridge Shopping Center to Dunhill Partners

The Retail Connection, L.P., and an affiliate of North American Development Group [NADG] announced today they have sold Weatherford Ridge Shopping Center to Dunhill Partners for an undisclosed amount. The 388,000 square foot center is located at the Northeast corner of IH 20 and Main Street in Weatherford, Texas and boasts retailers such as JCPenney, Belk, Bed Bath & Beyond, Michael’s, TJ Maxx and Ulta.

The Retail Connection and NADG acquired the 49.9 acres and Connected Development Services [TRC’s development arm], completed the center in 2006. NADG managed the property while The Retail Connection was responsible for leasing. The project’s success is evidenced by its retail mix of over 40 national, regional and local tenants, with minimal vacancy over the past 8 years.

“We are excited to be purchasing this well-developed project with great tenants, said William [Bill] Hutchinson,” President of Dunhill Partners. “We believe this will be a wonderful high-yield investment for our company long-term, and is a good fit for our expanding portfolio of solid retail projects across the country,” he stated.

“Weatherford Ridge was a joint venture with NADG and one of the first large projects for our development team,” said Chad Bradshaw, Vice President of Connected Development Services.  “The center has performed well since its opening, proving up the market, its location and the fact it is the best shopping destination for Weatherford and surrounding communities it serves.  We are excited to be selling it to Dunhill, whom we know to be a best in class owner and operator,” he said.

About The Retail Connection
The Retail Connection provides national advisory, tenant representation, project leasing, general brokerage and investment sales, expansion strategy, merchandising plans, property management, construction management, asset management and corporate services, as well as development, acquisition, merchant banking and strategic capital services. The Retail Connection currently represents over 250 retail and restaurant chains and over 25 million square feet of listings, including approximately over 4 million of its own projects with another 3+ million square feet in the development pipeline. The company also provides property management for over 3.2 + million square feet of retail shopping centers throughout Texas and the Southwest.  The company is headquartered in Dallas, with offices in Austin, Houston and San Antonio. Additional information on The Retail Connection, L.P. is available at www.theretailconnection.net.

About North American Development Group
In its cumulative business history, North American Development Group (“NADG”) has been active in the development, acquisition, redevelopment and management of over 200 shopping centers comprising well in excess of 25 million square feet of GLA with an enterprise value of over $3 billion.

NADG owns over 14 million square feet of existing shopping center gross leasable area in the U.S and Canada, with an additional 4 million square feet of shopping center GLA in development or pre-development. The company also owns approximately 1400 acres of land (virtually debt free) in the U.S. and Canada that has been acquired for future retail development.

NADG has 12 offices across North America, consisting of 7 in the United States and 5 in Canada, and a team of over 150 seasoned real estate professionals. In the U.S., NADG’s head office is in West Palm Beach, Florida with regional offices in Los Angeles, Phoenix, Denver, Dallas, Nashville and Atlanta. In Canada, the Company’s head office is in Toronto, with regional offices in Edmonton, Montreal, Ottawa and Halifax.

In the last 3 years, NADG has acquired more than 30 retail properties comprising over 4 million square feet of existing or to be developed space.

About Dunhill Partners
Founded in 1984 by William L. Hutchinson, Dunhill Partners has grown to become the 23rd most active retail real estate buyer in the country over the last 24 months. Dunhill Partners specializes in the acquisition, management and leasing of high end, well-located shopping centers throughout the Western United States. Based in Dallas, Texas with offices in Houston, San Francisco, and Honolulu, Dunhill Partners continues to focus on commercial investment opportunities where value can be added to the investment through our relationships, vision, and execution. For more information visit DunhillPartners.com.