ARLINGTON, Texas – (Realty News Report) – Fort Worth-based Trademark Property Company, a mixed-use investor, developer and operator, acquired the 470,000-SF Lincoln Square shopping center in Arlington.
The 45-acre property sits at the high-profile southwest corner of Collins Street and Interstate 30. Trademark acquired the shopping center property, which was built in 1983, with plans to convert it into a mixed-use development with office, multifamily, retail and restaurants.
The City of Arlington entered into a 30-year public-private partnership with Trademark that requires an investment of at least $150 million into the property in the next six years while also collaborating with local residents and leaders on redevelopment plans. The Arlington City Council agreed to co-invest $14.225 million with the developer in exchange for the investment.
“We are confident we can create a world-class destination that will upgrade the area’s offerings and be a catalyst for further growth of the neighborhood and its cultural, sports and entertainment venues,” said Terry Montesi, CEO of Trademark.
Montesi has tackled some major retail reboots around the nation, including some work on University Boulevard near Rice University for Rice Management.
In Dallas, Montesi is also working on plans to redevelop the 1.4 million SF Galleria Dallas. Montesi recently told the National Association of Real Estate Editors (NAREE) conference that about 20 percent of the Galleria Dallas could be torn down and replaced with high-rise multifamily, office and a hotel.
In the Lincoln Square deal, Chris Harden and Kris Von Hohn based in Cushman & Wakefield’s Dallas and Houston offices led the sales efforts. Beth Lambert of Cushman & Wakefield spearheaded the structure and implementation of the capital stack. Kevin McGlaun of M4 Realty Advisors led development planning and partnership discussions with the City of Arlington.
Said Jim Ross, Mayor of Arlington: “We are greatly looking forward to the next chapter of Lincoln Square, which has been an iconic north Arlington destination for nearly 40 years and will continue to be thanks to new investment. Trademark’s total $250 million-plus planned investment will bring new shopping, dining and housing options to our city and serve as a catalyst for even more redevelopment.”
Nov. 16, 2022 Realty News Report Copyright 2022
Feature Photo credit: Cushman & Wakefield. Trademark.
NAREE Retail Panel in Atlanta October, 2022. Photo credit: Ralph Bivins, Realty News Report Copyright 2022
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