Trademark will lead retail redevelopment of 75-acre mixed-use development in downtown Dallas
DALLAS – Victory Park UST Joint Venture I, L.P. (VPUST), is partnering with Fort Worth, Texas-based Trademark Property Company, a national leader in retail development, to plan and execute the repositioning and redevelopment of its retail holdings in the southern district of downtown Dallas’ Victory Park development.
As part of the repositioning plan, Trademark will develop and implement a merchandising and leasing strategy for the ground floor retail space and undeveloped land along Victory Park Lane, and the ground floor retail space in The Cirque and One Victory Park. Trademark will also identify and attract key destination retail, restaurant and entertainment tenants to Victory Park that fit the leasing strategy.
“Since becoming sole owner of VPUST and the Victory Park buildings in 2009, we have been working closely with key stakeholders including the City of Dallas, the local retail community, and our other tenants and operators in the district to plan the future of Victory Park and how best to move it forward,” said Lance Fair, COO of Estein & Associates and vice president of Victory Park. “Trademark is a great addition to our team. They have the vision, the passion, and the experience to take Victory Park retail to its fullest potential.”
“Victory Park is a strategic asset to the D-FW area, and we are convinced that it can be a highly successful retail, dining and entertainment district,” said Terry Montesi, CEO of Trademark. “We are excited to join the Victory Park team in this very important task.”
Victory Park is a property of UST XVI Victory Park, a German real estate investment fund managed by affiliates of Estein & Associates USA, Ltd. based in Orlando, Florida. UST XVI became an equity owner of Victory Park in 2005 and the sole owner of the Victory Park buildings in 2009. The 75-acre mixed-use development surrounds American Airlines Center, home of the Dallas Mavericks and Dallas Stars and is located in downtown Dallas at the intersection of Interstate 35, the Dallas North Tollway and Woodall Rodgers Freeway. Victory Station provides access to DART Light Rail and the Trinity Railway Express. The popular 3.5-mile jogging and bicycle path, The Katy Trail, is also directly accessible.
Victory office buildings include One Victory Park and Victory Plaza, which are 95 percent leased. One Victory Park is a Class A, 20-story, 436,000-square-foot tower occupied by Ernst & Young, Haynes & Boone and Plains Capital Bank. Victory Plaza includes two Class A, five-story office buildings totaling 185,000 square feet overlooking the AT&T Plaza at the steps of American Airlines Center. Tenants include Carson Private Capital, Cumulus Media, Inc., Hillwood Development, Metro Tickets, Neal Richards Group, TM Advertising and the Victory Park Studios of ABC affiliate WFAA-Channel 8.
Residential properties include W Dallas-Victory Hotel and Residences, The Cirque, The House and The Terrace condominiums, and The Vista apartments.
Victory Park includes 130,000 square feet of restaurants and entertainment venues including Craft, Hard Rock Café, Havana Social Club, House of Blues, Kenichi, Luna de Noche, Medina, Naga Thai, Neo Pizza, The Fan Sports Lounge, Shooters and Victory Tavern. The newest retail addition, the Chad Rookstool Salon, is scheduled to open this summer. Also, the Perot Museum of Nature & Science is scheduled to open adjacent to Victory Park in early 2013.
Last February, Dallas-based KDC, one of America’s leading commercial real estate development and investment firms, announced plans to develop a 400,000-square-foot, Class A office tower at Victory Park. The 23-story building, consisting of 15-plus floors of office space above an eight story parking, will include an upscale restaurant, delicatessen and a fitness center. KDC has targeted this fall to begin construction with completion slated for 2014.
In addition, Mill Creek, a Dallas-based apartment developer, plans to begin construction in Victory Park of a five-story, 378-unit complex in the coming month.
About Estein & Associates USA, Ltd.
Estein & Associates USA, Ltd. and its affiliates (“E&A”) have been in business since 1974 in Germany and have been investing in real estate in the United States since 1978. The early US investments were in residential and commercial projects, like grocery-anchored strip centers and other real estate investments while E&A invested both in Germany and the United States.
Since the early 1990’s, E&A’s investments have been exclusively made in the United States and have expanded further to office buildings, power centers, hotels, industrial buildings and lifestyle centers. E&A raises the funds for its investments through an affiliate in Germany, US Treuhand GmbH. The vast majority of E&A’s investors have been investing with it continually and exclusively, and some of them have been with E&A since the seventies. E&A has raised and deployed over $3 billion in equity in total. E&A raises funds for its investments under the UST flag.
Trademark Property Company is an operator, investor and developer of enclosed regional malls, mixed-use towncenters, and specialty, community and power centers. Trademark partners with commercial real estate owners, investors and retailers to unlock the full potential of their investments. Since 1991, Trademark has invested in or developed over 10 million square feet of retail and mixed-use assets worth over $1.2 billion. Based in Fort Worth, Texas, Trademark’s experienced team currently operates more than 6 million square feet. For more information, visitwww.trademarkproperty.com.