North Carolina Investor Buys Big Block of Dallas' Victory Park

A North Carolina real estate investor that's already made a big play near downtown Dallas has bought a huge section of the Victory Park project.Asana Partners acquired more than 421,000 square feet of office and retail space in Victory Park northwest of downtown from long-time owner Estein USA.Two years ago Asana became one of the biggest owners in Dallas' Deep Ellum neighborhood when it acquired more than three dozen buildings and development sites in the neighborhood just east of downtown.The properties Asana just bought in Victory Park include the two office and retail buildings that front on the plaza in front of the American Airlines Center arena.Asana also purchased retail space lining Victory Park Lane between Olive and Lamar streets.The office and retail buildings were just renovated and expanded by investor Estein USA that acquired the properties a decade ago."We are proud that we delivered to the city of Dallas more than anybody expected in our redevelopment initiatives completed in Victory Park," Victory Park vice president Lance Fair said in a statement. "We are confident that Asana Partners will perform as well as an experienced owner of urban retail assets."Victory Park is the most urban, walkable retail and entertainment district in the D-FW area."Just last month Estein officials celebrated the completion of the company's redevelopment of the Victory Park retail center, which suffered in the early years.In 2009 the Florida-based company, which represents European investors, took over much of the 75-acre Victory Park project after the development stumbled during the Great Recession.After repositioning the property, the retail storefronts in Victory Park which just sold are more than 90 percent leased.The two 4-story office buildings that flank the arena entrance are also almost fully occupied.Victory Park - which just celebrated its 20ath anniversary - now includes more than 3,000 apartments, 225,000 square feet of retail space and more than 600,000 square feet of offices.Dallas-based HFF's Ryan Shore, Barry Brown and Chris Gerard brokered the sale of the Victory Park buildings to Asana. Terms of the deal were not disclosed.Based in Charlotte, Asana specializes in the acquisition, redevelopment and marketing to retail properties in urban locations.The 4-year-old company has continued to redevelop and lease the Deep Ellum properties it owns since acquiring the real estate.  Continue reading...