Tuesday, January 29, 2013

Lincoln Property buying Turtle Creek Village

Dallas’ Turtle Creek Village has attracted the attention of one of the area’s most experienced developers.
Lincoln Property Co. has contracted to purchase the landmark 9-acre Oak Lawn complex.
Lincoln is buying the property from investors who foreclosed on the retail and office project early this year.
Started in 1969, Turtle Creek Village was one of Dallas’ first such urban developments.
Turtle Creek Village includes a just-renovated 18-story office tower, a six-story office building and three retail buildings connected to the offices.
A redevelopment of the property at Oak Lawn Avenue and Blackburn Street could include as much as 1.48 million square feet of commercial and residential space, according to brokers at Holliday Fenoglio Fowler LP, which has been marketing the property for sale.
“The acquisition of Turtle Creek Village represents one of the premier redevelopment opportunities in the United States,” Holiday Fenoglio Fowler said in its marketing brochure for the property.
Lincoln Property executive vice president Robert Dozier confirmed Thursday that his company has Turtle Creek Village under contract but said it’s too early to talk about its plans for the project.
Previously, developers have looked at putting residential high-rises and more retail on the property near the Park Cities and Turtle Creek.
Shopping center brokers say specialty grocers including Central Market and Trader Joe’s are also interested in the property.
Dallas-based Lone Star Funds is selling Turtle Creek Village. The investor bought a distressed $63 million loan on the property and took ownership through foreclosure.
If Lincoln Property goes ahead with the purchase, it would make the Dallas commercial property company the biggest redeveloper of urban retail space in North Texas.
Lincoln Property is a partner in the reconstruction of the 30-acre Village on the Parkway shopping center on the Dallas North Tollway.
And Lincoln has purchased the largest chunk of Dallas’ historic Lakewood shopping center, with plans for remodeling.
Also in East Dallas, Lincoln has acquired retail properties at two corners of Gaston Avenue and Garland Road, where it is planning a shopping district.
Turtle Creek Village would represent something of a homecoming for Lincoln Property. For many years, the developer had its headquarters in the largest office building in the project.
And Lincoln developed the adjoining Turtle Creek Centre office tower and was a partner in the development of the Warrington condo tower next door.
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