Everyone's mum about the sale terms for the 40-year-old, 167,000-sf shopping center, positioned at the southwest corner of Preston Road and Forest Lane in North Dallas. The Dallas-based Olympus and Pilchers joint venture had bought the high-visibility center in March 1998 and immediately set into action a turnaround plan for the then 69%-occupied property. In the past three years, NOI has doubled and is now riding at $3 million, says David B. Deniger, Olympus' general managing partner.
Whole Foods had been lured to primary anchor spot in the center as part of the repositioning effort coupled with $3 million in renovation and expansion. Existing tenants had been strategically relocated within the holding all the while attracting new retailers such as Ulta3 Cosmetics, Rochester Big & Tall, Binder's Art Supply and Luckman's home interiors.
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