JV Acquires 485,000-SF Timber Creek Retail Center for $82M
- Dec 05, 2011
Trammell Crow Co. has sold its recently completed Timber Creek Crossing, the first two-story Wal-Mart and Sam’s Club in Texas, for a reported $82 million, which could set a new record in the area as the largest retail sale of the year in North Texas.
The Class A property was purchased by a joint venture of Canadian REIT RioCan and Dunhill Partners Inc., a commercial real estate brokerage and investment firm. Dunhill Partners owns 20 percent of the joint venture and will manage the property, according to the Dallas Business Journal.
The 485,000-square-foot retail center, built on a 44-acre site, officially opened in August with the completion of its two major tenants: Wal-Mart — occupying 170,000 square feet of space sitting on the top floor and Sam’s Club — leasing 145,000 square feet on the ground floor. Among its other tenants are retailers like Whataburger, Chick-fil-A, Sears, Verizon, Bank of America, DelTaco and JC Penney, another major tenant occupying 104,000 square feet of retail space, which officially opened in September 2011. Additionally, Timber Creek includes a three-level parking garage with more than 1,400 parking spaces.
Trammell Crow bought the 44-acre site located at the northwest corner of Northwest Highway and Skillman Street in 2005 and began construction of the retail center in 2008. The designer of the individual buildings was O’Brien Associates, which adopted a modern, contemporary approach utilizing natural stone. Trammell Crow was represented in this deal by CBRE, which also secured the financing for the buyers, as reported by citybiz real estate.
Photo credits: www.cbremarketplace.com