JLL Capital Markets announced today it represented a CIM Group-fund and Open Realty Advisors in the sale of the partnership’s 15 standalone and strip retail buildings totaling 123,960 square feet along the dynamic and pedestrian-friendly Henderson Avenue in Dallas, Texas.
Acadia Realty Trust acquired the asset in its entry into the Dallas-Fort Worth market.
Property tenants include Sprouts Farmers Market and an eclectic mix of service-oriented and locally inspired retailers, restaurants and night life such as Warby Parker, The Skellig, Tecovas, Bonobos, and CorePower Yoga brought to the area by CIM Group and Open Realty Advisors. The portfolio also includes several parcels for future development opportunities.
The portfolio spans over a mile within Dallas’s urban core and within the Henderson Avenue district, which has evolved over the last 20 years into one of Dallas’ premier mixed-use neighborhoods. The trendy district is surrounded by desirable, affluent residential communities and near Southern Methodist University’s more than 12,000 students.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan Shore, Chris Gerard and Co-Head of JLL Retail Capital Markets Barry Brown, Associate Erin Lazarus and Analyst Beth Copeland. The same team along with Senior Managing Director Todd Savage completed the sale of Knox Park Village on behalf of the seller earlier this year.
According to JLL’s Retail Capital Markets team in Dallas, “Henderson Avenue has emerged as Dallas’ ‘cool-street’ retail destination, where young, millennial residents are drawn to the mix of digitally native brands and trendy local restaurants that the ownership team brought to this east Dallas neighborhood.”