dms Properties Ltd., a local real estate investment company, recently purchased Madison Place from Huntlaw Development Ltd.
The property is a prime location in George Town which houses the popular tourist venue Senor Frogs plus other retail space.
Since then, dms Properties has begun making repairs and improvements to the building in preparation for the new retail tenants who are expected to join the property shortly. After renovations, the building will be renamed dms Place, states a press release.
Comments Karen Kersey, acting vice-president: ‘We are looking forward to getting the building up and running to our tenants’ full satisfaction. We are really pleased that we have attracted Class A tenants and achieved an excellent tenant mix that will provide a great consumer experience.’
Don Seymour, president of dms Organization Ltd., comments, ‘This is a continuation of our strategy to increase our investments in commercial real estate and reduce them in residential real estate, where we believe significant overinvestment exists. We are also considering divesting some of our raw landholding, because development is not attractive at this time. We remain bullish on commercial real estate and are currently pursuing new opportunities in this sector.’
dms Properties Ltd. is a real estate investment company invested in a range of commercial, residential and industrial real estate properties. dms Properties is a subsidiary of dms Organization, a business conglomerate engaged in the financial services, retail, real estate, media, and entertainment industries.