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North Texas office net absorption plateaus while construction climbs
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Restaurant-anchored retail center in Richardson sold
The Shire, a 83,256-square-foot mixed-use development with popular food spots, was bought by Venture Investment Partners
Venture Investment Partners has closed on the purchase of The Shire at CityLine, a 83,256-square-foot suburban mixed-use retail and office property in Richardson, just south of Plano.
The price it fetched the seller, Addison-based Standridge Companies, was not disclosed, according to the Dallas Business Journal.
The six-acre Shire property at the intersection of the Central Expressway and President George Bush Turnpike is adjacent to the $1.5-billion CityLine development, a vast mixed-use development that has 2,221 multifamily units, and where 11,000 people work.
Built between 2005-2006, The Shire is currently 85 percent leased. Its biggest draw is its array of popular restaurants such as Anaya’s Seafood, Apollonia’s Italian, and Silver Fox Steakhouse. Plus, two new foodie spots popped up this May: Irish pub Gillespie’s Tavern and 42 BBQ Smokehouse & Market, a Texas-style barbecue developed by chef Joshua Boneé.
Richardson has experienced a 14 percent population increase since 2010. There are 109,992 households in the area earning an average annual income of $104,811 within a five-mile radius of the property.
Dallas-based Venture Investment Partners specializes in what it calls “Venturetainment.” The firm looks for properties offering “cutting-edge, experiential entertainment, food, and beverage operations,” according to its website.
Adam Howells led the JLL Retail Capital Markets team representing the seller in the sale.
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North Texas office net absorption plateaus while construction climbs
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