Dunhill Acquires 167,000-SF Preston Forest Village

DALLAS-After a successful turnaround, Preston Forest Village Center has a new owner. Olympus Partners and the Pilchers Group have hawked the 97% occupied retail center to locally based Dunhill Partners Inc.

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.