Downtown News

Deep Ellum's biggest landlord acquires Dallas complex Victory Park

Deep Ellum's biggest landlord acquires Dallas complex Victory Park

Victory Park, Dallas, night life
New boss in Victory Park. Photo courtesy of Victory Park

The Victory Park development near downtown Dallas has a new owner: Asana Partners, the Charlotte, North Carolina real estate investment company, acquired the retail portion of the complex from Florida-based Estein USA in a deal that transpired on May 16.

Already a familiar name in Dallas, Asana has become a major force in Deep Ellum, where they've acquired 44 buildings since 2017.

An Asana spokesperson said that the company had no comment at this time.

Estein was the financier behind Victory Park from the outset. They took over the retail portion from Hillwood when it sank into serious decline.

Victory Park tenants were informed two weeks ago that the property would change hands. One source who asked not to be named said that the transaction was so sudden that an official grand opening party planned for June would be rescheduled.

Estein just threw a party in April to celebrate its revamp of the Victory Park shopping district, when CEO Lothar Estein touted it as "the most walkable district in the city of Dallas."

Estein executives told the DMN at that time that they remained committed to the project.

They spent millions on the resuscitation, in partnership with the city of Dallas. The center now has a Cinepolis theater, plus new restaurants and bars, such as Dibs on Victory, Billy Can Can, Café Victoria, Imoto, and Hero.

Asana managing director Brian Purcell told BisNow that his company is attracted to neighborhoods that possess authenticity and infrastructure, including walkability and access to major highways, all of which Victory Park boasts.

Asana also favors areas that are active 24 hours a day with a combination of retail and office space, and ideally a growing residential base. In the past two years, Victory Park has welcomed new housing options, such as The Katy, which opened in 2017, and the Magnolia Station apartments, which opened in 2018.

In Deep Ellum, the company has been respectful toward the culture by retaining and repositioning properties rather than replacing them.