Mixed-use Retail and Office Property Near Dallas Sells

JLL Capital Markets has closed the sale of The Shire at CityLine, an 83,256-square-foot, premium, suburban mixed-use retail and office property in the Dallas-Fort Worth community of Richardson.

JLL marketed the property on behalf of the seller, Standridge Companies. Venture Investment Partners acquired the asset.

The 85% leased The Shire at CityLine features an eclectic tenant mix that includes Sweeney Eye Associates, Dogtopia, Silver fox, Shire Pediatrics, North Texas Dermatology, Anaya’s Seafood, Republic Title, Modern Dental, Ameriprise, Re/Max, Gillespie’s Tavern and more. The center, which was constructed between 2005 and 2006, has 414 dedicated parking spaces.

Situated on 6.22 acres at 2600, 3610 and 3650 Shire Blvd. and 2121 Infocom Drive, The Shire at CityLine is in Richardson, which has experienced a 14% increase in population since 2010 and is in Dallas-Fort Worth’s growth path. The property is near the high-traffic intersection of Central Expressway and President George Bush Turnpike and is adjacent to the $1.5 billion CityLine development, which is home to 11,200 employees and 2,221 multi-housing units. There are 109,992 households earning an average annual household income of $104,811 within a five-mile radius of the property.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Adam Howells, Senior Managing Director and Co-Head of JLL Retail Capital Markets Barry Brown and Analysts Jack Copher and Beth Copeland.