From Home Furnishing Business
Crow Holdings to Acquire DMC Properties
Real estate investment firm Crow Holdings will acquire more than five million square feet of property at the Dallas Market Center, including the World Trade Center, Dallas Trade Mart, International Trade Plaza and Market Hall, from CNL Lifestyle Properties.
The deal will likely close within 90 days.
The management company, Market Center Management Company, Ltd., an operating company owned by Crow Holdings, will continue to manage the Dallas Market Center business, including the tenant relationships and trade shows.
Crow Holdings is the diversified group of investment companies that owns and directs the investments of the Trammell Crow family and its investment partners. Crow developed Dallas Market Center beginning in 1957, and the Crow family has maintained an active role in the management of the market center since its founding. CNL Lifestyle Properties, Inc., a real estate investment trust (REIT) that focuses on demographically driven properties, has held a majority interest in property at Dallas Market Center’s campus since 2005. Once the acquisition closes, Crow Holdings will be the sole owner of Dallas Market Center.
“Our family’s business history begins and remains closely tied to Dallas Market Center,” said Harlan Crow, chairman and CEO of Crow Holdings. “We value the decade-long partnership with CNL Lifestyle Properties, and the existing management team will maintain unrivaled support for our customers and vision for the business. We look forward to new opportunities to advance Dallas Market Center’s position as the premier wholesale marketplace in the country.”
Bill Winsor, president and CEO of the Dallas Market Center, said Crow Holdings is a strong equity partner.
“The MCMC management team, together with Crow Holdings, has a five decade history of developing and managing more market center square footage on more continents than any other company,” Winsor said. “We will continue to work together to improve the Dallas marketplace and to create new events, attracting both buyers and exhibitors from around the world.”