Things could be changing rapidly for residents that live near the Lakewood retail district at Abrams Road and Gaston Avenue. Steve Brown of The Dallas Morning News reports that Lincoln Property Co. recently purchased the nearly 60,000-square-foot building from Dallas' Corrigan Family, which had owned the property for decades.
The Corrigan family had strong relationships with many of the long-time tenants, some of whom include The Dixie House and Lakewood Ace Hardware. However, with new ownership coming in, the owners are quite sure what to expect
"With Corrigan we had a very good relationship," said Khandoo Nagar, who owns the Lakewood Ace Hardware store. "We'll just have to wait and see. You don't know what the new management wants to do."
Records show that the deed was actually transferred earlier this month and a Lincoln officer signed the deed for more than $9.3 million in debt with Southwest Bank to purchase the building.
This isn't the first big change that the business district has experienced. Rancho Martinez, a longtime Mexican restaurant, lost its lease after 27 years and will be leaving its current location at the start of next year. In its place will move a Mi Cocina restaurant.