Northwood lists Shops at Park Lane in Dallas

A large shopping center is up for grabs in Big D, and it could be scooped up fast given the recent flurry of retail sales in North Texas. 

The Shops at Park Lane, at 8080 Park Lane in North Dallas, has hit the market, the Dallas Morning News reported. JLL is marketing the 665,000-square-foot shopping center, which Northwoo­d Retail has owned since 2010.

Located across North Central Expressway from NorthPark Center, JLL is playing up the property being in “top 6 percent of shopping centers in the U.S.” in its marketing materials.

The Shops at Park Lane was built in 2009 and is almost 90 percent leased. Tenants include Whole Foods, Nordstrom Rack, Bloomingdale’s Outlet, HomeGoods, Old Navy and Saks Off Fifth.

Just north of the property, StreetLights Residential is planning a 20-story, 616,700-square-foot apartment building at the 35-acre Park Lane complex. The project is expected to cost $134 million. 

Other large retail properties on the market in Dallas-Fort Worth include the 150-acre Village at Allen shopping center and the 185,000-square-foot Park Village shopping center in Southlake, the outlet reported.

While an asking price hasn’t been revealed for the Shops at Park Lane, investors could be willing to pay a pretty penny given the surging demand for retail assets in North Texas. Through the first nine months of 2023, investors poured more than $1.3 billion into DFW shopping centers, marking a bounce back year for a retail sector that struggled in the initial years of the pandemic due to a rise of e-commerce and reduced foot traffic.

Among notable transactions this year were CTO Realty Growth’s $61 million purchase of the 446,500-square-foot Plaza at Rockwall, and Precision Investments’ acquisition of the Shops at Eastside in Richardson.

—Quinn Donoghue 

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