Arlington’s Lincoln Square shopping center is set for a major rejuvenation as a result of the sale of the landmark property to a Fort Worth developer.
Fort Worth-based Trademark Property Company has acquired the 470,000-square-foot shopping center from ShopCore Properties, a Blackstone company. As part of the deal, Trademark and the city of Arlington entered into a 30-year public-private partnership, with the city investing $14.225 million over the next six years and the developer investing at least an additional $150 million above the undisclosed purchase price.
Built in 1983, the shopping center at the intersection of Collins Street and Interstate 30 is a gateway to Arlington’s blossoming entertainment district, which includes AT&T Stadium, Globe Life Field, Choctaw Stadium and Texas Live! Also planned for the district are the National Medal of Honor Museum and the 888-room Loews Arlington Hotel and Convention Center.
Commercial real estate services firm Cushman & Wakefield arranged the sale, with Chris Harden and Kris Von Hohn based in the firm’s Dallas and Houston offices leading the sales efforts. Beth Lambert of Cushman & Wakefield spearheaded the structure and implementation of the capital stack. Kevin McGlaun of M4 Realty Advisors led development planning and partnership discussions with the City of Arlington.
For many years, Lincoln Square was a popular shopping, dining and entertainment destination but its luster dimmed in recent years and many storefronts remain empty.
Trademark’s plan is to convert the property into a mixed-use development, incorporating multi-family housing along with office, retail and restaurant space.
Among the developer’s many successful mixed-used development projects is Fort Worth’s WestBend.
“We are confident we can create a world-class destination that will upgrade the area’s offerings and be a catalyst for further growth of the neighborhood and its cultural, sports and entertainment venues,” Trademark CEO Terry Montesi said in a statement. “We appreciate the confidence and support of the city of Arlington leadership and its participation in this public-private partnership and we are ready to get the project rolling.”
Trademark will collaborate with city officials and residents through surveys and meetings on plans for the 45-acre property.
“Now is the time to start imagining what this new and better project will look like,” Montesi said. “We pride ourselves on being learners not knowers. We want to hear from those who understand this area.”
Arlington city officials said the lack of investment and empty storefronts have cost the city an estimated $1 million in direct sales and property tax revenue. Property values have declined 12 percent over the past six years at the shopping center while values within one-quarter mile have risen by 50 percent, officials noted, based on Tarrant Appraisal District data.
“Trademark’s total $250 million-plus planned investment will bring new shopping, dining and housing options and serve as a catalyst for even more redevelopment,” Mayor Jim Ross said in a statement.
“We are in the economic development business,” Ross stated. “We have to grow a healthy economy so Arlington has the resources to provide the high-quality city services our citizens expect.”
Trademark’s redevelopment projects include Victory Park in Dallas and Rice Village in the Houston area. The company also was selected to reimagine Dallas’ Galleria. The 30-year-old company has been involved with 21 million square feet of mixed-use, multi-family and retail investment, development and redevelopment worth $4.5 billion.