Asana Partners picked up a 76-year-old shopping center in the Lakewood neighborhood of Dallas.
The North Carolina-based real estate investor acquired the Skillman Live Oak shopping center at 2014 Skillman Street from BGO, the real estate arm of Sun Life, the Dallas Business Journal reported. JLL’s Erin Lazarus, Adam Howells, Megan Babovec and Ben Pollack represented BGO in the sale.
While financial details of the transaction were not disclosed, the deal, which closed last week, represents another significant acquisition for Asana.
The 75,000-square-foot shopping center adds to the investment firm’s already extensive portfolio of Dallas properties, which includes over three dozen sites in Deep Ellum, office and retail space in Victory Park, and a 200,000-square-foot shopping center in Lake Highlands.
The Lakewood property is 77 percent leased to tenants including Society Bakery, Black Swan Yoga and Paradigm Fitness. In recent years, former tenants such as Buzzbrews and Matt’s Rancho Martinez have vacated, leaving Asana with opportunities to fill the remaining spaces.
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Asana’s acquisition of the shopping center fits within its broader strategy of acquiring and enhancing retail properties in vibrant, urban neighborhoods. The firm is also reportedly planning a $27 million redevelopment of a seven-building complex in the Dallas Design District.
Toronto-based Sun Life had acquired the Skillman Live Oak center in 2015, following an extensive renovation valued in the eight figures.
— Andrew Terrell