Henderson Avenue cool-street retail center in Dallas trades
JLL Capital Markets represented CIM Group and Open Realty Advisors in the sale of the 15-building portfolio
DALLAS, May 3, 2022 – 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 highly sought-after 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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit cimgroup.com.
About Open Realty Advisors
Open Realty Advisors specializes in strategic planning, site identification, market analysis, financial evaluation, lease negotiation, project administration, construction and design facilitation, portfolio maintenance and site disposition, as well as project-specific expertise in acquisition consultation, market analysis, financial analysis, project design and site development, merchandising, project leasing and asset management. Open Realty Advisors also develops and invest in the communities where they have worked for over three decades, leveraging their relationships and collective experiences to identify the next opportunities to create transformative places. Open Realty Advisors’ mission is to craft immersive, mixed-use projects, defined by unique retail, dining and hospitality experiences.
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit acadiarealty.com.