Friday, October 31, 2014

North Dallas shopping center to be redeveloped by new owner

Corner Shopping Center was built in the late 1970s. (Google Streetview)
Dallas developer Cypress Equities said Thursday that it has completed the purchase of a key North Dallas property with plans to redevelop the site.
For several months Cypress Equities has been negotiating to buy the Corner Shopping Center at the northeast corner of North Central Expressway and Walnut Hill Lane.
The 236,050 square foot retail and office center is across the street from Dart’s Walnut Hill/Presbyterian Hospital rail station.
Cypress Equities said it will detail plans for the property “in the coming months.”
“The property will be repositioned to meet the growing demand for retail and restaurant experiences that provide a community sense of place,” Cypress said.
The commercial developer has been in business since 1995 and has a portfolio of almost 10 million square feet of projects across the country.
Cypress Equities was one of several developers that looked at the Corner Shopping Center site, real estate brokers say. The property was purchased by the Cypress Acquisition Partners Retail Fund.
“This center has remained basically unchanged since its original development in 1977,” Chris Maguire,  chief executive officer for Cypress Equities, said in a statement. “Cypress is fortunate to now have the opportunity to lead the value enhancement, redevelopment, and repositioning of this prime urban Dallas property.”
Corner Shopping Center is right across the highway from where Provident Realty Advisors and Kroenke Holdings are building their huge Preston Hollow Village mixed-use project.