Will NorthPark Mall Belong to the Caruth Family?
I just stumbled across an interesting fact: in 1965, Ray Nasher built NorthPark on land he leased from W.W. Caruth. Something like that would be a — what — 99-year lease? Does that mean in 2064 (or whenever) when the lease runs out, the Caruth family will own the improvements made to their land? Great excuse to turn on comments.
Update: the answer is now in the comments section. Spoiler alert: the answer is no.
13 Comments to “Will NorthPark Mall Belong to the Caruth Family?”
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Depends on what the lease says, but yeah, the lessor would most likely own all of the improvements.
Tim, Tim, just call me next time: this is very common in commercial — they build the buildings (improvements) on the land and then extend the lease. Oh but sometimes you have to buy the owner out — I have a funny story on that one. Homes are sold this way in Mexico and other foreign countries. Love ya — Candy Evans, DallasDirt.
I’m not 100% sure but the Caruth family has a similar agreement for the land that The Village Apartments sits on and is leased by LPC.
100% sure that the Caruth family still owns Medallion Center. That is a cash cow for their heirs. Not sure how many ways the rent checks are split every month. But it was setup for W.W.’s kiddos.
I’ll be dead so who cares.
you would have to read the lease.
They also own 300 acres including Park Lane Ranch, Park Lane Equestrian Center, and Top Golf.
And going out on a limb here but, if they own the dirt at North Park, and Top Golf, I will bet they own all or most the dirt on Park Lane, which has all those apartments, and condos.
A well-informed FBvian tells me that Nancy Nasher and her husband, David Haemisegger, bought the land under NorthPark. It’s no longer on a lease.
The same FBvian says W.W. Caruth Jr.’s (aka Will Jr.’s) kids did own Medallion. But Will Jr. had his sons donate Medallion to their family’s Hillcrest Foundation, which is administered by the Communities Foundation.
And there you have it.
If I live to be 103, I might have an answer for you.
Ray Nasher spoke at a class at SMU in the mid 1970’s and talked about the 99 year land lease. He said that in 99 years he and his wife would be long gone and he would have benefited tremendously over his life time which he did. I don’t recall whether or not he mentioned children then. I do remember him saying that he had been a teaching tennis pro before coming up with the Northpark concept. He definitely made the correct career choice. He did a lot of good things for Dallas.
Gotta second Candy (who know she’s up on CRE? Kudos girl!)
Not an unusual structure for a commercial real estate deal, helps the land owner with a low basis in land that has appreciate a great deal avoid having to sell the land and pay taxes.
Comments turned on? Bush sucks. Back to being banned.
A lot of folks in the built-like-a-fortress homes in Caruth Hills, Caruth Meadows, Caruth Place and Caruth Terrace will be glad to hear this.
The 99 year lease scheme is even bigger in Los Colinas / Irving. Just about everything up the 114 corridor is owned by the Carpenter family and all of the structures are on 99 year leases. Except the University of Dallas, that was donated to the University by the Carpenters.
[[Some say the ghost of Karen Carpenter roams the halls of the University, but I saw her ghost at a Luby's last month...] Wick and Tim, this is proof that comments are crazy and shouldn’t be allowed!]
I think the comments should be on.
and whats up with the spoiler alert