Andres family is apparently selling Henderson Avenue properties

East Dallas’ Andres family, which has owned parts of Henderson Avenue and lowest Greenville for almost 40 years, has apparently sold its Henderson Avenue holdings to a real estate investment firm in Los Angeles. One Henderson business owner told me he received a letter from his property manager outlining the sale, while a second person with knowledge of the deal said he has met with the new owners. Both requested anonymity because of the sensitive nature of the transaction.

I was not able to confirm if the family’s Greenville Avenue sites, located in and around where Trader Joe’s is set to open early next year, are part of the sale. The deal is expected to close sometime next month, and I’ll have more about what this means for the neighborhood in my October magazine column.

I’ve left two messages with Marc Andres, as well as with a representative of the California company, CIM VI Acquisition, LLC.

The Andres have been instrumental in redeveloping Henderson, which we detailed in the magazine in 2009. Andres said then his family’s goal for the 1.1-mile strip between Ross and Central Expressway was leasing to small, independent retailers and “letting the big boxes go elsewhere. There is nothing unique about them. They’re everywhere. We want unique that people can’t get elsewhere.”

If the sale goes through, the new owners might be able to complete what the Andres started, says Darrell Hernandez, an executive vice president/partner with United Commercial Realty. “The story is there,” he says. “The businesses are there. The consumers are there. All it needs is someone to come in and finalize it.”


WANT MORE?
Click to sign up for the Advocate's weekly news digest and be the first to know what’s happening in Lakewood/East Dallas.
  • Baneste

    There have been rumors of “big changes” coming to Henderson and Knox for a few months. I’d love to know if there are drastic changes planned or if it’s going to be a gradual expansion of what we’ve already seen.

    Parking is a huge issue on Henderson, so if we’re going to see more small restaurants and bars, there’s going to be a problem. Some of us are hoping for a larger development that includes structured parking somehow.

  • CitizenKane

    CIM Acquisitions is a partnership of CIM Investments headquarterd in LA, CA.

    They current own Knoxbridge apartments on Cole at Henderson.

    They have other RE investments in Texas but this acquisition expands their dallas holdings.

    They are partnered with Cantor Fitzgerlad to form CORE, which is a big lending entity. This means the Andres properties will have plenty of cash for development and expansion.

    It’s all good.

    http://www.cimgroup.com/