Press

August 03 , 2005

Retail Connection, Granite Properties acquire Quorum Plaza II

Retail Connection, Granite Properties acquire Quorum Plaza II

August 3rd, 2005 - Sandra Zaragoza Senior Writer Granite Properties and The Retail Connection formed a joint venture to acquire the established shopping center from a venture managed by Dunhill Partners. All three companies are based in Dallas. The companies would not disclose the purchase price. Michael B. Ablon, president of Connected Acquisition Services, The Retail Connection's acquisition division, led the acquisition. The shopping center, which is 90% occupied, includes tenants Mattress Giant, Cingular Wireless, Go Fish and Monica's Aca Y Alla. "This center is located in the middle of one of the highest-quality residential and corporate centers in the Metroplex," Ablon said. "We have already received significant interest in the retail center, and the updated face-lift will be a bonus for all the tenants as well as the neighborhood." "We feel strongly about the whole trade area, job growth in that sector and the strong housing growth of the North Dallas Corridor. We find that Belt Line is the hub of the activity," he said. The property's renovation is expected to be completed by the end of the year. The Retail Connection L.P. has joined with Granite Properties to acquire Quorum Plaza II, an 80,000-square-foot retail center on the southwest corner of Belt Line Road and Quorum Drive in Addison.