Thursday, May 14, 2015

Galleria Dallas owner buys Village on the Parkway in Addison


The owner of the landmark Galleria Dallas shopping center has purchased a nearby retail complex.
UBS Realty now owns the 30-acre Village on the Parkway shopping center, which is located less than 2 miles up the Dallas North Tollway in Addison.
Anchored by Whole Foods Market and AMC Theater, Village on the Parkway has just undergone a $40 million renovation — the project’s biggest makeover in its 34 years of business.
The purchase by international real estate investor UBS validates the developer’s plan to reposition the aging shopping center.
When a partnership of Dallas’ Lincoln Property Co., The Retail Connection and Long Wharf Real Estate bought the Addison shopping center in 2011, it suffered from high vacancy and deteriorating buildings.
The new owners tore down a vacant former department store building at the entrance to the complex to make room for the new Whole Foods Market.
Another section of Village on the Parkway was replaced with a parking garage and the cinema. The project is now about 90 percent leased.
Lincoln Property executive vice president Robert Dozier said UBS completed the purchase on Tuesday.
“I wish all deals turned out like Village on the Parkway,” Dozier said. “It was a great execution between the partners, the city and tenants.”
Terms of the sale were not disclosed.
UBS — a subsidiary of the Swiss bank UBS AG — in 2002 paid almost $300 million to buy the 1.8 million-square-foot Galleria Dallas mall at the tollway and LBJ Freeway.
In 2005, it paid about $95 million to buy the 432-room Westin Galleria Hotel, which adjoins the mall.
By Steve Brown/Dallas Morning News