The acquisition of an important North Dallas property has been completed by Cypress Equities, a Dallas developer, with plans to redevelop it in the future.The deal for the purchase of the Corner Shopping Center, situated at the northeast corner of Walnut Hill Lane and North Central Expressway, has been in the negotiation stages for several months. The 236050ft² office and retail center is located across the way from Dart’s Walnut Hill/Presbyterian Hospital rail station.
According to Cypress Equities, details of their plans for the property will be released ‘in the coming months’.
Cypress said that the property will be repositioned in a bid to meet the growing demand for restaurants and retail facilities within the community.
The developer has been in business since 1995 and holds a portfolio including around 10 million square feet nationally.
Real estate brokers have revealed that Cypress was one of many developers interested in the Corner Shopping Center location. The center has remained almost unchanged since it was developed during 1977.
It is located across the highway from where Kroenke Holdings and Provident Realty Advisors are construction the massive Preston Hollow Village project.