Victory Park Owner Partners with Trademark for Retail Reposition
Monday May 21, 2012
GlobeSt.com – by Amy Wolff Sorter
DALLAS-Victory Park UST Joint Venture I LP has partnered with Fort Worth-based Trademark Property Co. to freshen up the retail component of the 75-acre, mixed-use Victory Park. VPUST owner Estein & Associates USA Ltd. tapped Trademark to plan and execute the repositioning and redevelopment of its retail holdings in the southern district of Victory Park, located at the edge of Dallas’ CBD.
As part of the plan, Trademark will develop and implement a merchandising and leasing strategy for the ground floor retail space and undeveloped land along Victory Park Lane, and the ground floor retail space in The Cirque and One Victory Park. Trademark will also identify and attract key destination retail, restaurant and entertainment tenants to Victory Park that fit the leasing strategy.
Estein & Associates affiliates manage the German real estate investment fund that took over the stake of Victory Park developer Hillwood in 2009. “Since becoming sole owner of VPUST and the Victory Park buildings in 2009, we have been working closely with key stakeholders including the City of Dallas, the local retail community, and our other tenants and operators in the district to plan the future of Victory Park and how best to move it forward,” said Lance Fair, COO of Orlando, FL-based Estein & Associates and vice president of Victory Park in a press release.
“Victory Park is a strategic asset to the D-FW area, and we are convinced that it can be a highly successful retail, dining and entertainment district,” added Trademark CEO Terry Montesi in the same press release. “We are excited to join the Victory Park team in this very important task.”
Victory office buildings include One Victory Park and Victory Plaza, which are 95 percent leased. One Victory Park is a Class A, 20-story, 436,000-square-foot tower occupied by Ernst & Young, Haynes & Boone and Plains Capital Bank.
Victory Plaza includes two Class A, five-story office buildings totaling 185,000 square feet overlooking the AT&T Plaza at the steps of American Airlines Center. Tenants include Carson Private Capital, Cumulus Media, Inc., Hillwood Development, Metro Tickets, Neal Richards Group, TM Advertising and the Victory Park Studios of ABC affiliate WFAA-Channel 8.Residential properties include W Dallas-Victory Hotel and Residences, The Cirque, The House and The Terrace condominiums, and The Vista apartments.
Victory Park includes 130,000 square feet of restaurants and entertainment venues including Craft, Hard Rock Café, Havana Social Club, House of Blues, Kenichi, Luna de Noche, Medina, Naga Thai, Neo Pizza, The Fan Sports Lounge, Shooters and Victory Tavern. The newest retail addition, the Chad Rookstool Salon, is scheduled to open this summer. Also, the Perot Museum of Nature & Science is scheduled to open adjacent to Victory Park in early 2013.
Last February, KDC announced plans to develop a 400,000-square-foot, Class A office tower at Victory Park. The 23-story building, consisting of 15-plus floors of office space above an eight story parking structure, will include an upscale restaurant, delicatessen and a fitness center. KDC has targeted this fall to begin construction with completion slated for 2014. In addition, Mill Creek, a Dallas-based apartment developer, plans to begin construction in Victory Park of a five-story, 378-unit complex in the coming month.