A Dallas-based real estate investment and development firm has nabbed a high-profile, mixed-use hub in the city's ritzy Turtle Creek neighborhood with plans to keep it "the gem it is," one of the new owners told CoStar News.
Turtle Creek Village includes an 18-story, 229,868-square-foot office tower, called the Offices at Turtle Creek Village, with a Tom Thumb-anchored adjacent retail center spanning about 95,000 square feet of space. De La Vega Development bought Turtle Creek Village for an undisclosed sum. Los Angeles-based investor CIM Group sold the property in an off-market deal after acquiring the property in 2017.
"Our plans are to" keep it "the gem it is," Annmarie De La Vega, an executive vice president at De La Vega Development, told CoStar News, confirming the deal closed Tuesday. "It is in such a good location."
From office tenants like Origin Bank and Paceline Equity Partners to retail tenants like Neighborhood Services and Lululemon, De La Vega said the synergy of Turtle Creek Village and its irreplaceable location in Dallas, near Uptown Dallas, made it an alluring property investment. According to CoStar data, the office tower is more than 94% leased.
"Every tenant is so important to the overall space, and the uses really complement each other," she added. "It's become a place that ticks every box and brings together a gathering place for the neighborhood."
De La Vega said the investment will be a long-term hold for the firm.
Terms of the acquisition were undisclosed. The Oak Lawn Avenue property was last valued at $78.3 million on the Dallas County tax rolls.
CIM Group, which announced the deal Wednesday, did not disclose the buyer. The investment firm said it modernized the property after acquiring it in 2017 from Lincoln Property Co., which had completed a redevelopment of the 9-acre site. CIM Group constructed spec suites with high-end finishes to help bolster office leasing in the tower and brought in a mix of high-performing restaurants and retailers, officials said.
Office sales in the Dallas-Fort Worth region, the nation's fourth-largest metropolitan area with more than 8.3 million residents, have begun to find its footing again, said Bill Kitchens, a CoStar director of market analytics, in his latest market report.
"Sales are showing signs of improvement," Kitchens said, adding that annual sales volume for office properties through the first quarter of 2025 have risen 35% year over year to $3.9 billion for the trailing 12 months.