Inwood Village's appeal is bolstered by its demographics: 400,000 residents in a five-mile radius trade area with an average annual income of $98,000. Positioned on the edge of Park Cities, the 91%-leased center at 5300 W. Lovers Lane is not carrying a price tag, but its 2002 assessment of nearly $36.5 million is a solid barometer of what will be expected when the bidding begins.

The listing undoubtedly was hotly pursued, but the Holliday Fenoglio Fowler LP team in Dallas of Jim Batjer and Barry Brown, both senior directors, walked away with the contract. According to published accounts, RREEF acquired the asset in September 1996.

"It really is the anchor to the entire West Lovers Lane retail district, home to a large concentration of boutique retailers," Batjer tells GlobeSt.com. That anchor sits on 14 1/2 acres that, he says "are truly irreplaceable."

Batjer and Brown say the marketing will last 30 to 45 days. They hope to be sitting at the closing table by midyear. "It will attract a broad spectrum of institutional and entrepreneurial investors," Brown says, noting interest is sure to push the mercury to the top. "This is the type of real estate that people are looking for today."

"Just globally speaking," Batjer explains, "the appetite for retail assets is very high right now." Investors of all types started looking at retail in midyear 2002 to whet appetites for real estate with a predictable cash flow. That demand has not waned nor is it likely to for the balance of this year, Batjer says.

"The market now is cooperating and they want to harvest some of the value they've created," Batjer explains of the motivation to sell. Since it took over, the Chicago-based institutional owner has had an ongoing capital improvements program in place for Inwood Village, a 1949 product developed by the Caruth family. The 2003 tenant roster comes with a stable rollover and brand names such as Aaron Brothers, Barry Bricken, Bookstop, Cantina Laredo, Chicos, Eckerds, Gap, Gap Kids and Starbucks.

For the Holliday Fenoglio Fowler team, it's the second big ticket listing in recent months to come their way in Dallas. They also are seeking a buyer for the 90%-occuped West Village, a 125,000-sf retail and 179-unit residential combo built last year in Uptown, about four miles from Inwood Village. That complex is owned by Phoenix Property Co. and Urban Partners.