Village on the Parkway
Acquired a 458,000 SF power center on 25.8 acres at Belt Line and the Dallas North Tollway — 94% leased, with a restaurant-and-specialty mix engineered for cross-shopping.
This project entailed the acquisition of a 458,000 SF power center on 25.8 acres, positioned directly across from the newly developed Prestonwood Town Center. Built in 1980, Village on the Parkway's diversified tenant mix combines restaurant and specialty retailers, generating maximum traffic and promoting cross-shopping.
It was 94% leased with notable anchor tenants such as Bed Bath & Beyond and 24 Hour Fitness, as well as other national and local restaurants. It's located at the intersection of Beltline Road and the Dallas North Tollway. Proximity to major thoroughfares provides steady exposure and accessibility to this large trade area — approximately 200,000 cars pass the property each day.
Upon completion, the redevelopment of VOP was the largest adaptive re-use and rehabilitation of retail space in decades. This project impacted the DFW retail real estate market and economy in a number of significant ways, including transforming a highly visible vacant 145,000 square foot building and half vacant shopping center into a highly productive operating enterprise.
The economic impact was over $100 million in added sales within three years, significant added property value, and over 1,000 added jobs. The key to the strategy was to provide major anchors in both the southern and northern zones of the project to drive customer traffic into the heart of the property.
The new ownership team—The Retail Connection, Lincoln Property Company, and Long Wharf Real Estate Partners—was successful in securing both Whole Foods and AMC. The team demolished half of the buildings on the underperforming 30 acre asset, reconfigured its layout, built new construction, added new access off one of the highest trafficked roads in the DFW metroplex, and totally repositioned the project for its long term success.