Wednesday, November 24, 2010

KROENKE TAKES HOLD OF WALNUT HILL

(Dallas Morning News) – Kroenke Holdings has formed a partnership to acquire a 42-acre vacant Walnut Hill property that has been for sale since plans fell through for a mixed-use development.
Provident Realty Advisors Inc. foreclosed on the property in October 2009 before construction began after Wachovia Bank had lent more than $40 million on the project.
Wells Fargo Bank took over the property from Wachovia and hired Holliday Fenoglio Fowler LP to find a buyer for the tract.
The property at the corner of North Central Expressway and Walnut Hill Lane was previously zoned for a $300 million complex of shopping, apartments and senior housing. However, Dallas-area retail brokers say it would be a challenge to rezone the land for another use after the amount of time put in to obtain the mixed-use qualification.
The DART rail station is two blocks from the site, which is also just north of NorthPark Center in Dallas.
Kroenke Holdings is owned by the billionaire sports team owner E. Stanley Kroenke, who owns the Denver Nuggets basketball team, the St. Louis Rams football club and the Colorado Avalanche hockey team.