03112015 Crow Holding to Acquire Property at Dallas Market Center

CROW HOLDING TO ACQUIRE PROPERTY
AT DALLAS MARKET CENTER

DALLAS - Crow Holdings will acquire the interest in certain real estate at Dallas Market Center owned by CNL Lifestyle Properties, Inc. The agreement, which involves more than 5 million sq. ft. of property at Dallas Market Center's campus, includes the World Trade Center, Dallas Trade Mart, International Trade Plaza, and Market Hall. The acquisition is expected to close within 90 days. 

The management company, Market Center Management Company, Ltd., an operating company with a five decade history and 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 company and its shareholders have been quite fortunate to enjoy a terrific and very constructive relationship with Crow Holdings and MCMC through our investment in the Dallas Market Center," said Stephen H. Mauldin, president and chief executive officer of CNL Lifestyle Properties. "As the life cycle of our REIT draws to a close and we move to monetize our holdings, we remain wholly confident in the current and future performance of the Dallas Market Center as an industry leading enterprise."

"Our family's business history begins and remains closely tied to Dallas Market Center," said Crow Holdings' chairman and chief executive officer Harlan Crow. "We value the decade-long partnership with CNL Lifestyle Properties, and the existing management team will maintain unrivalled 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."

"Crow Holdings is a strong equity partner with an unmatched understanding and support of our business," said Dallas Market Center president and chief executive officer Bill Winsor. "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. 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."

"Our company has been consistently profitable with a legacy of driving annual growth, and the privilege to remain privately held allows for greater flexibility and growth potential, as well as a clear vision of creating business opportunities. Dallas Market Center and Crow Holdings answer directly to exhibiting customers, not to outside investment groups or shareholders. This unique partnership allows us to focus on long-term customer needs over short-term market demands."

 

03.11.15