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Michael Dell's Acquisition in Dallas' Knox-Henderson Neighborhood Could Bring 'Significant Redevelopment'

Billionaire's Decision to Buy 11 Acres of Knox-Henderson Neighborhood Could Create More Connected District
April 9, 2018
With billionaire Michael Dell's private investment firm closing on a significant portion of the high-profile Knox-Henderson neighborhood in Dallas, real estate sources say redevelopment plans could be on the agenda for the new ownership team.

MSD Capital LLP's acquisition of the Knox-Henderson district, which stretches 14 square blocks adjacent to the Katy Trail, includes about 11 acres with 170,000 square feet of leasable retail space, as well as 165 apartments. Tenants in the shops include Crate & Barrel, Pottery Barn, Kate Spade, Trader Joe's and many more retailers. Terms of the acquisition were undisclosed.

The Knox-Henderson deal, the biggest retail property to trade hands in the Dallas market this year, could pave the way to create a more-walkable, more-connected Knox-Henderson neighborhood district, said Mike Geisler, managing partner at Dallas-based Venture Commercial Real Estate LLC.

"There is a significant opportunity to further development to more than double the value of the property as it exists today," Geisler told CoStar News. "I think the ownership and development team will be conscious of creating something that enhances what is there and will add to what that district is versus just adding massive amounts of space."

Geisler wasn't part of the deal, but has been a longtime member of Dallas' commercial real estate industry with a specialization in retail real estate.

MSD Capital has brought in The Retail Connection, a Dallas-based retail real estate brokerage, and the firm's CEO, Steve Lieberman, to oversee the project. Lieberman was one of the developers behind the redevelopment of Village on the Parkway in Addison.

The new ownership group, with the help of The Retail Connection, plans to continue working with neighbors.

Geisler said with Lieberman's experience of redeveloping other retail properties in Texas, he thinks the MSD-led group could pull off something transformational.

Candace Carlisle, Dallas-Fort Worth Reporter  CoStar Group   
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