Dallas investor De La Vega Capital announced it acquired Turtle Creek Village last week, taking the mixed-use development in the Turtle Creek neighborhood.
The 3838 Oak Lawn Ave. property includes Offices at Turtle Creek Village, a 230,000-square-foot, 18-story office tower. The retail component, Shops at Turtle Creek Village, spans 95,000 square feet and is anchored by a 22,000-square-foot Tom Thumb lease and a 17,000-square-foot World Market lease.
“This is a distinctive property in a premier location. Our focus is on enriching the neighborhood experience and building long-term value for everyone it serves,” said Annmarie De La Vega, executive vice president at De La Vega.
A sales price was not disclosed. Dallas Central Appraisal District values the property at $78.3 million.
De La Vega noted that it plans to implement a “lasting redevelopment strategy at a later date.” It did not specify development details, but noted “the vision focuses on preserving the property’s character, while improving its role as a welcoming, pedestrian-friendly destination for residents, tenants, and visitors alike.”
De La Vega acquired the property from CIM Group, a Los Angeles investor and developer that purchased the property in 2017.
In a news release, CIM noted it made upgrades to both the office and retail components. It upgraded the building lobby and amenities of the office building for businesses seeking smaller, move-in-ready space.
It also constructed spec suites with high-end finishes, prioritizing efficient, flexible design.
The group also leased the retail space to attract a mix of restaurants and health and beauty retailers.