HOUSTON— Hines, an international real estate firm, announced plans to sell the retail and hotel portions of Dallas largest mixed-use complex, Galleria. Constructed in 1982 and expanded in 1985, 1990, 1996 and 2002, Galleria is located on a 42-acre tract in North Dallas. Included in the sale will be Galleria North, an open-air 112,000-square-foot lifestyle center, opened in 1999, located on a 7.5-acre tract directly north of the Galleria at Alpha and Noel Roads. Hines has retained the brokerage firm of Holliday Fenoglio Fowler L.P. to handle the sale. Hollidays Executive Managing Director, Mark Gibson, said, “These assets may be the most attractive to come to market nationally in 2002. Gallerias retail has been the dominant shopping center in Dallas for 20 years and the hotel is the perennial rate and occupancy leader in North Dallas.” The Galleria complex contains a total of 3.8 million square feet. The portion that will be sold includes the mall (1.8 million square feet of space for anchors, in-line stores and common area); Galleria North (112,000 square feet of retail space); and the 473,500-square-foot, 431-room Westin Hotel. Hines is the majority partner with the Westin Hotel with Starwood as minority partner and operator. (The three office towers were previously sold by Hines in 1999.)
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