Plaza at Cedar Hill Finalist for DBJ's Best Real Estate Deal
- Date Published
- Apr 27, 2012
The Plaza at Cedar Hill was a finalist in the Dallas Business Journal's Best Real Estate Deals award for "Retail Deal of the Year" on Wednesday evening.
"The Plaza at Cedar Hill was in trouble when three of its anchor tenants left for other developments in the area.
"Linens n Things, Old Navy and Rack Room Shoes all left the center, but CBRE and Indianapolis-based Kite Realty Group were able to re-tenant the 292,000 square feet of vacant space with Toys R Us/Babies R Us, HomeGoods, DSW and Chipotle Mexican Grill. At the same time, Kite Realty Group, the landlord, invested $1 million in remodeling the center. Investment by Kite is expected to reach $3 million.
"Moving fast on the leases and making some improvements allowed the center to contine to contribute to the Cedar Hill tax base and keep jobs in the center."
Luke Isenbarger and Jeff Wright, Kite Realty Group
Jeff Kittleson, David Copeland and Daniel Taylor, CBRE
Mark Reeder, SRS Real Estate Partners
Steve Greenberg, The Retail Connection
Allison Thompson, Cedar Hill Economic Development
(Excerpted from the Dallas Business Journal, Issue April 27-May 3, 2012, pg. B15)