Village on the Parkway urban retail village in Dallas sells
JLL Capital Markets closed the sale of the retail center home to the No. 2 most trafficked Whole Foods Market in Dallas
DALLAS, May 28, 2021 – JLL Capital Markets announced today that it has closed the sale of Village on the Parkway, a 343,911-square-foot, pedestrian-friendly urban retail village anchored by Whole Foods Market and AMC Theatre in Dallas, Texas.
JLL marketed the property on behalf of the seller. VOP Partners LLC acquired the property and plans exterior updates, the addition of more green space and free shuttle service for customers. Additionally, the new owner will densify the vacant pad across from Whole Foods.
Village on the Parkway was completed in 1981 as Sakowitz Village, an urban lifestyle center with high-end shops and restaurants. The retail property was redeveloped in 2014, adding Whole Foods, AMC Theatre and refreshed restaurant concepts. The property currently consists of eight retail buildings home to a mix of best-in-class, grocery, essential and soft goods retailers and high-traffic restaurants, including RA Sushi, Neighborhood Services, Yard House, Hopdoddy, Sidecar Social, Pie Tap and more. At the time of sale, all tenants were open and operating, and an overwhelming majority of them were back to pre-COVID foot traffic.
The retail property is situated on approximately 32 contiguous acres at 5100 Belt Line Rd. in Dallas’s Platinum Corridor, which is the city’s biggest office market. This infill location is at the bullseye intersection of Belt Line Rd. and Dallas North Tollway, which exposes the property to more than 200,000 vehicles per day. The center serves a trade area of approximately 790,000 residents and is centrally located among Dallas-Fort Worth’s most affluent neighborhoods. The property includes a vacant 1.5-acre land parcel and two other potential densification sites.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Barry Brown, Chris Gerard and Ryan Shore and Analysts Jason Jacobs and Matthew Barge.
According to JLL, “There was tremendous investor interest in the offering as the property is extremely well positioned to continue its retail – mixed use evolution.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.