UCR Investment Sales Named To Market Caruth Plaza Shopping Center in Dallas, TX
DALLAS, Texas, June 21, 2010 – United Commercial Realty’s Investment Sales team announced today that they have been named to market for sale Caruth Plaza shopping center, a 205,812 square foot specialty retail center located in Dallas.
The UCR Investment Sales team of Adam Howells, David Disney and Kevin Catalani will market the property exclusively on behalf Caruth Partners, an affiliate of Dunhill Partners. Caruth Plaza, a trophy asset, is located at one of the most desirable retail locations in Dallas-Fort Worth, US Highway 75 and Park Lane. The center is adjacent to NorthPark Center, a fortress mall with tenant sales exceeding $700 per square foot. Caruth Plaza features an attractive mix of national retailers including Bed, Bath & Beyond, The Sports Authority, T.J. Maxx and AT&T. Tenant sales volumes in this retail corridor are 30 percent higher than the general Dallas-Fort Worth area primarily due to the dense population of 400,000 people within five miles and an affluent trade area with income levels close to $100,000.
“Caruth Plaza has evolved over the years into a premier shopping destination that benefits from being located directly across from the prestigious Northpark Center, one of Texas’ largest and most successful malls,” said David Disney, President of UCR Investment Sales. “Given Caruth Plaza’s irreplaceable location and redevelopment potential as well as the stability of its national credit anchor tenants, investor demand for this type of asset is expected to be strong and we are already seeing broad interest from a wide variety of private and institutional investors.”
Disney continued, “We appreciate the fact that Bill Hutchinson has put his confidence in our team to handle the sale of this high profile shopping center.”
“Located in an extremely dense and affluent trade area, Caruth Plaza is positioned as a preeminent retail center in the most desirous retail corridor in Dallas/Fort Worth,” said Adam Howells, Managing Partner of UCR Investment Sales.