DALLAS--Hillcrest Village Partners, Ltd., a Dallas-based limited partnership, has purchased Hillcrest Village, a 151,946-square-foot community center located at the northwest corner of Hillcrest Road and Arapaho, for an undisclosed price.  The center is anchored by Albertsons and includes a strong line-up of national and local retailers, restaurants and services.

The Weitzman Group has been named exclusive leasing agent for Hillcrest Village. Leasing will be directed by Weitzman’s Sue Hageman.

The new owners of the center plan a major renovation of the center that will take advantage of its strong location. The center is at one of the few major intersections in Dallas that has no retail competition on the other three corners. In addition, the demographics in the area show 2003 average household incomes within a one-mile radius in excess of $113,488. In addition, unlike many neighborhood-oriented centers, Hillcrest Village offers a true destination due to its mass of more than 70 shops and services.

The architect for the renovation of Hillcrest Village is O’Brien & Associates. The renovation, set to start by year-end 2004, will upgrade the façade to add new signage and tenant visibility elements. In addition, the center will receive new awnings, a new lighting package, complete repainting and major landscape upgrades with lush plantings and seating areas. The renovation of Hillcrest Village will be designed to enhance the center’s “town square” atmosphere, which includes refurbishing the center’s town square clock and restoring its Ludowici clay tile roof system.

In addition to Albertsons, tenants at Hillcrest Village include 7-Eleven, Bank One, Starbucks, Blockbuster, Signature Bank, World Olympic Gymnastics Academy, Center for Dance, Planet Beach Tan, Plaza Salons, Prestonwood Pet Clinic, Cookie Bouquet and Milk & Honey. In addition, the center’s professional space offers many doctors and dentists who have been located in the center since it was constructed in the late 1970s and early 1980s.