Brixmor Property Group, a New York-based real estate investment trust, added to its portfolio of retail properties across the U.S. with the purchase of the Arboretum Village on 7331 Gaston Avenue in Northeast Dallas.
Brixmor is an offshoot of private equity giant Blackstone that went public in 2013. In addition to The Arboretum Village, the REIT manages almost 400 retail properties across the U.S. and about a dozen shopping centers in North Texas, including Preston Ridge in Frisco and Market Plaza in Plano.
The more than 95,000-square-foot retail center is directly adjacent to White Rock Lake Park. Designed by O’Brien Architects, the village was honored in the Dallas Business Journal’s 2015 Best Real Estate Deals as winner in the Restaurant/Retail category. The neighborhood shopping center consists of retail outlets, including Ace Hardware, PetSmart and a Tom Thumb grocery store, as well as several salons and its very own White Rock Alehouse & Brewery.
The shopping center has been owned and managed by Dallas investor Crow Holdings since its construction in 2014. The investor’s sale of Arboretum comes on the heels of West Dallas landmark retail center, Sylvan Thirty at Fort Worth and Sylvan avenues. The mixed-use development, built in 2013, was an early commercial development in the area west of downtown Dallas. On top of its combination of shopping and restaurants, the complex maintains apartments on the upper floors.
The sales of Sylvan Thirty and Arboretum Village are the latest in a surge of recent shopping center deals since a slowdown in the early months of the COVID-19 pandemic.
The Dallas-Fort Worth area was the country’s top commercial property investment market in 2021 with almost $47 billion in transactions. The area was second only to New York City for new commercial building and apartment starts last year, according to a new estimate from Dodge Data & Analytics.
[Dallas Morning News] – Maddy Sperling
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