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VCM COMMERCIAL REAL ESTATE FUND ACQUIRES $28 MILLION REAL ESTATE PORTFOLIO; LAUNCHES $22 MILLION PROJECT

NEWS RELEASE--FEBRUARY 23, 2015--Dallas, TX--The VCM Real Estate Fund announced today its acquisition of a $28 million real estate portfolio including development land and shopping center properties in the Dallas area.  The properties include 127 acres of prime development land in the northern areas of Dallas, including 100 acres of residential, polo & country club development land in Oak Point, 27 acres of retail development land in Frisco, Flower Mound and Oak Point. In addition the Fund acquired Desoto Corners Shopping Center, an 8,000 square foot retail strip center anchored by Starbucks & T-Mobile in Desoto, Texas located in front of a site recently acquired by  HEB for a new grocery store.  VCM Development Group LLC, the development arm of the VCM Commercial Real Estate Fund, will develop the properties into retail and mixed-use residential projects.  The Fund also announced it has started construction on the 100 Acre Prestonwood Polo & Country Club residential community, a $22 million development in Oak Point located between Frisco and Denton. The project includes 22 large one acre home lots overlooking Prestonwood Polo & Country Club, the premier polo club of north Texas.  According to Vaughn Miller, President of the Fund, “we’re excited to announce our first major acquisitions as well as starting construction on a one-of-a-kind world-class project in the middle of the growth path of Dallas.”  Future plans include the development of Country Club on 15 acres of the project, “My father Vance C. Miller was a very successful country club developer and operator and I plan to continue his legacy” said Miller.  Project financing was provided by National Banks of Central Texas and arranged by Scott Lynn and Brandon Wilhite Metropolitan Capital Advisors.

VCM Development Group LLC is a Dallas-based diversified real estate investment and development company, founded in 2013 by Vaughn Miller, oldest surviving son of Dallas real estate legend Vance C. Miller and grandson of Texas Icon, Henry S. Miller Jr.  Vaughn Miller was President of the Henry S. Miller Company Retail Division from 1993-2013 and together with his father Vance C. Miller, developed over $52 million in retail property.  

 

 
 
 

 

 
 
 
 
 
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