Spanish-style shopping center acquired in Dallas

Buyer vows to restore 'historic gem'

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AmREIT, a real estate investment trust, announced that two of the funds it manages have purchased Casa Linda Plaza, a 324,569-square-foot shopping center in Dallas, Texas, for an undisclosed price. Originally built between 1946 and 1949, Casa Linda Plaza -- located at the intersection of Buckner Road and Garland Road near White Rock Lake -- is recognized as the second-oldest shopping center in Dallas and has long been the town center of east Dallas retail, according to a press statement. Anchored by Albertson's and Petco at the time of sale, the center also features tenants such as 24-Hour Fitness, Starbucks, Wachovia, Chili's, Casa Linda Cafeteria, Blockbuster, Washington Mutual, El Fenix and Guarantee Federal Bank. AmREIT Realty Investment Corp., a wholly owned affiliate of AmREIT, will manage the property as well as a planned restoration and redevelopment. Commenting on the acquisition, Steve Hefner, AmREIT's vice president and managing director for the Dallas region, stated, "O...