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the vcm fund strategy follows in the footsteps of vance c. miller's uncanny knack to pick great real estate

Highland Park Village is one of Vance and Henry Miller's most well-known success stories. The iconic Dallas landmark was built in 1933 and is considered the oldest shopping center in America.  In 1977 Vance and Henry Miller assembled a group of investors to purchase the property from Republic Bank's Trust department for $5 million, 32 years later they sold the property for over $164 million.  The legendary purchase became famous because of Vance Miller's tennis lesson at Dallas Country Club with "Pro Jones". Highland Park Village was originally developed by Flippen-Prather Realty in 1931 and is credited as the first planned shopping center in America with dedicated parking. It's located at Preston Road and Mockingbird Lane is "main on main" in the wealthiest section of Dallas. However, in 1977 the property had fallen into disrepair and its tenants included a "5 & Dime" store.  Republic Bank contacted Henry Miller Jr about the selling the property so Henry showed it to all the major developers including Trammell Crow and Lincoln Property but they all turned it down, it seems no one was interested because in only a "5% return" at the time.  Vance later recalled that he and his father Henry would "save up" things to talk about for their weekly "Thursday breakfast" at Dallas Country Club, that week Vance had a tennis lesson with "Pro Jones" who complained that they were "raising his rent" at his Highland Park Village store, when Vance asked how much he was paying Pro said "$12.00 per square foot".  Vance immediately knew he could get at least twice that for the space.  When Vance and Henry met for breakfast that week Henry informed Vance that Republic Bank asked him to sell Highland Park Village but everyone had showed it to "turned it down", that's when Vance said "we'll take it". Henry was concerned that they couldn't raise the needed funds for the purchase price to which Vance replied "don't worry, I'll find the money".  The rest is history, Henry Jr later transformed the property into the masterpiece it is today. Henry Jr, and his son Henry Miller III, successfully re-tenanted the property with Polo Ralph Lauren, Chanel, Hermes and many more high profile luxury brands. Yet Henry was careful to keep needed services and everyday retail that were important to the residents of Highland Park.  In 2009 Vance and the Miller family agreed to sell Highland Park Village the Hunt Family of Dallas for a record $164 million.  Today the Village stands as one of the highest quality shopping centers in the southwest, tenant sales exceed $800 per square foot and rents well over $80 per square foot.

highland park village