Monday, April 02, 2012

Turtle Creek Village complex up for sale

Holliday Fenoglio Fowler
Dallas' 43-year-old Turtle Creek Village complex is for sale.
Investors who foreclosed on Dallas’ Turtle Creek Village have put the Oak Lawn office and retail project up for sale.
Dallas-based Lone Star Funds took control of Turtle Creek Village in January after buying the distressed $63 million loan on the property and foreclosing.
Lone Star Funds has hired Holliday Fenoglio Fowler LP to sell the almost 9-acre project.
Turtle Creek Village includes 282,000 square feet of office space in two buildings, connected by more than 82,000 square feet of retail.
But a redevelopment plan for the project on Oak Lawn Avenue at Blackburn Street would allow up to 1.48 million square feet of commercial and residential space.
“Given their age and location on the site, the redevelopment will likely entail the demolition of the obsolete retail and office properties,” Holliday Fenoglio Fowler said in its marketing brochure for Turtle Creek Village. “The acquisition of Turtle Creek Village represents one of the premier redevelopment opportunities in the United States.”