Hines developed the 3.8-million sf Galleria in 1982 and tackled four expansions through the years. Hitting the market are 1.8 million sf of retail space in the 95%-occupied Galleria proper; the fully occupied Galleria North, an open-air, 112,000-sf lifestyle center that opened in 1999; and the 431-room Westin Hotel. All told, nearly 50 acres of prime land are up for grabs in North Dallas. Holliday's Barry Brown, a senior director of investment sales in Dallas, holds the premier assignment.
"These assets may be the most attractive to come to market nationally in 2002," Holliday's executive managing director Mark Gibson said in a prepared statement. The upscale Galleria has been a dominant retail player for two decades, but came up against some hefty competition in its home submarket with last year's rollouts of Stonebriar Centre and Shops at Willow Bend, adding about 2.5 million sf of retail to the marketplace.
The Galleria's hotel component, says Gibson, is "the perennial rate and occupancy leader in North Dallas." Hines is the majority partner with the Westin Hotel with Starwood as minority partner and operator. In 1999, Hines sold three office towers in the complex.
"Galleria has always outperformed freestanding malls and hotels in the market. Our 20-year stewardship of this community landmark has been very satisfying," said Hines president Jeff Hines. The decision comes as Hines signs a partnership pact with Lakeside DFW to develop a conference center hotel component for the 163-acre project at Grapevine Lake in the Dallas suburb of Flower Mound.
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