Monday, September 3, 2012

East Dallas' Henderson Avenue properties may be in play to California investor - Dallas Morning News (blog)

One of Andres Properties' largest concentrations is at Henderson and Capitol. (Steve Brown)

A California property investment firm isn’t talking about its interest in a Dallas urban retail district.
Los Angeles-based CIM Group is reportedly looking at a purchase of several blocks of retail and commercial properties along Henderson Avenue in East Dallas. The buildings and land are owned by Andres Properties.
Back in June I reported that the Andres family was in talks to sell off the properties along Henderson which are home to many popular restaurants, bars and retailers.
Now word comes from tenants in the buildings that the potential buyer is CIM Group.
The private real estate investment company has been in business since 1994 and specializes in urban real estate. CIM Group has more than $9.5 billion n assets under management.
The investor is already a big player in close-in Dallas neighborhoods.
CIM Group owns the 334-unit Knoxbridge apartments just across North Central Expressway from Henderson Avenue.
And CIM Group has the 103-unit 3636 McKinney and the 75-unit 3839 McKinney apartments in Uptown’s Cityplace district.
The investor also owns properties in Austin and Hosuton. But most of its holdings are in California.
CIM Group representatives would not discuss its negotiations to purchase the Henderson Avenue real estate in Dallas. ” CIM does not comment on transactions that it may or may not be considering,” a spokeswoman for the firm said by email.
And Andres Properties executives have also declined to discuss the status of their properties.
The Andres brothers have headed efforts to revitalize the East Dallas commercial district, located between North Central and Ross Avenue.
Starting in 2006, Andres Properties began a systematic redevelopment of several blocks of buildings it owns along Henderson, including a large concentration of properties at Henderson and Capitol avenues.
Andres Properties also owns the building leased by Sprouts Market.

The Andres family has owned property in the Henderson area since the mid-1950s.
A sale of the real estate to an out-of-state investor with deep pockets would likely bring more upgrades to the area. Along with improvements to the existing properties on Henderson, there is the potential for future redevelopment with new construction of Uptown-style buildings.

Apartment developers are already constructing new residential units in the adjoining neighborhoods.
And the retail strip along nearby Lower Greenville is being improved with streetscape investments and major new tenants including Wal-Mart and grocer Trader Joes.

CIM Group owns the 3839 McKinney Ave. apartments in Cityplace. (CIM Group)

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