Crow Holdings is shedding weight at its eight-building retail complex near downtown.
A handful of tenants have exited Sylvan Thirty, a 47,000-square-foot complex at 1888 Sylvan Avenue in West Dallas, the Dallas Business Journal reported.
Sylvan Avenue Tavern was the fourth business to close recently. The tavern’s owner Joe Hinkson said in a Facebook post earlier this month that the shopping center is “dying” due to a lack of support from the property owner. He is planning to reopen with a different name in Fate, Texas.
Other businesses that have closed at Sylvan Thirty include high-end cocktail bar Jettison, the sandwich shop Shayna’s Place, and Cooper’s Meat Market and Steakhouse. Those spaces haven’t yet been filled.
Crow Holdings, headed by Chairman Harlan Crow and CEO Michael Levy, declined to comment. Longtime tenants at Sylvan Thirty include CiboDivino Marketplace, Tacodeli, Banh Mi Station, Ten Ramen, Houndstooth Coffee, Whisk, Pink Pedi Salon, AT&T and Origin Bank.
Crow Holdings last year launched a $2.8 billion fund to buy “small-format, convenience-oriented, open-air food and service shopping centers.”
Brent Jackson’s Oaxaca Interests developed Sylvan Thirty in 2013, before a wave of development and gentrification enveloped the neighborhood, which is just across Interstate 30 from the upscale Kessler Park neighborhood. Crow Holdings Capital bought the retail portion of the development for an undisclosed price in 2022. The 200-unit apartment complex at Sylvan Thirty wasn’t part of that deal; it was acquired by investor Polaris.
Retail rents are posting gains in Dallas-Fort Worth, driven by low inventory and high demand, according to Partners Real Estate. The vacancy rate is under 5 percent, and average rents are reaching a record high of $19.75 per square foot.
— Andrew Terrell