United Commercial Realty and Barnes & Noble Reach Agreement for Lease Renewal at University Park Village
DALLAS, Texas, November 3, 2011 – University Park Village and Barnes & Noble are pleased to announce that an agreement has been reached that will allow Barnes & Noble to extend their lease and continue to operate at University Park Village.
“Both University Park Village and Barnes & Noble recognize the community interest in keeping the store as a part of the great offering of merchants and tenants, and as such have worked diligently to provide the opportunity for the store to remain open. We wish to thank the community for their continued patronage and support for University Park Village,” said David Deason, vice president of development for Barnes & Noble.
Despite an announcement in late October that Barnes & Noble was leaving the center, officials at Dallas-based United Commercial Realty (UCR) on behalf of the property owner, worked to develop an acceptable solution and lease renewal with both the tenant’s representatives and the property owner’s representatives. Mickey Ashmore, UCR’s president and CEO, stated, “From a retailing standpoint, we never wanted them to leave as Barnes & Noble brings more to a property than simply rental income. We love books and bookstores at our properties, because bookstores provide a respite from the usual retail for our patrons, a place of introspection and community gathering for our customers. That is certainly the case at University Park Village.”
UCR’s project leasing and management team was able to develop some creative alternatives for the parties to consider and in the end, these potential solutions allowed more flexibility on both sides.
“Once the ice was broken, we were able to assist in hammering out a multi-year deal that will be beneficial to both sides and, importantly, to the community and patrons of this shopping center. We are very pleased that Barnes & Noble will continue to play a big role at University Park Village,” said Ashmore. He added, “University Park Village remains THE place to shop in the Fort Worth area with Barnes & Noble and with exciting new tenants to come including Anthropologie, Brighton, lululemon and more.”