News

April 2, 2015
Colleyville Downs Shopping Center Sold

Atlantic Creek Real Estate Partners, LLC (“Atlantic Creek”) is pleased to announce the sale of Colleyville Downs (the “Property”) to Indianapolis, IN based Kite Realty. The Property is a 200,910 square foot Class “A” multitenant retail property located at the intersection of Colleyville Boulevard and Glades Road in Colleyville, TX, an affluent suburb in the Dallas - Ft. Worth MSA. An affiliate of Atlantic Creek partnered with Centennial Real Estate Company, LLC to acquire the first phase of approximately 45,000 square feet of small shop in-line space on August 23, 2011, and subsequently bought four additional phases over a 22-month period. These additional acquisitions included a former K-Mart center of approximately 89,000 square feet, a vacant former Albertson’s of approximately 57,000 square feet, an outparcel building of approximately 2,300 square feet, and a former restaurant building of approximately 4,100 square feet.

The redevelopment of Colleyville Downs included demolition of the former Albertson’s anchor and construction of a new Whole Foods Market and Petco, replacement of the Center’s façade with a distinctive and attractive stone and painted wood façade, new landscaping, new exterior lightning and new monument signage along Colleyville Boulevard. An additional outparcel building of approximately 8,000 square feet was constructed, and leases were signed with several national tenants including Einstein Brothers Bagels, Orangetheory Fitness, UPS Store, Verizon, and Supercuts.

Atlantic Creek, with offices in New York, NY, Palm Beach, FL, and Los Angeles, CA, targets direct and joint venture investments in opportunistic and value add office, retail, and multi-family commercial real estate primarily located on the East and West Coasts of the U.S., Texas and other select U.S. markets.

For further information on new acquisitions and joint venture opportunities, please contact Joshua Schwalbe, Senior Vice President, in our New York, NY office at (212) 381-7617 or Jon Trucano, Senior Vice President, in our Palm Beach, FL office at (561) 275-7702.