Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Wednesday, June 14, 2017
California investor eyes Dallas' landmark Turtle Creek Village complex
One of the landmarks in Dallas' Oak Lawn neighborhood is close to a sale to a California investor.
Turtle Creek Village on Oak Lawn Avenue dates to the early 1970s and was one of Dallas' first mixed-use projects.
The 9-acre development was purchased three years ago by Dallas' Lincoln Property Co., which did a major overhaul of the project.
Los Angeles-based CIM Group — which has already made significant investments in Dallas — is closing in on a purchase of Turtle Creek Village, real estate brokers say.
The property has been marketed for sale since late last year by Holliday Fenoglio Fowler LP, which confirms the property is under contract for sale.
Turtle Creek Village is more than 90 percent leased with retail tenants including Tom Thumb, World Market, Zoe's Kitchen and Athleta.
CIM Group representatives declined to discuss the deal.
"CIM does not comment on transactions that it may or may not be considering," a company representative said in an email.
In 2012, CIM Group made a big play in central Dallas with the purchase of about two dozen properties along Henderson Avenue in East Dallas in partnership with Dallas' Open Realty Advisors. The private real estate investor has been working to redevelop some of the vacant properties in that acquisition.