Lionstone Investments Sells 112 KSF Dallas Shopping Center
JLL Capital Markets brokered the transaction of the recently redeveloped asset.
Lionstone Investments has sold Muse Shops at Midtown, a 112,162-square-foot value-add retail center located in Dallas. Morgan Stanley purchased the recently redeveloped asset, according to public records. JLL Capital Markets brokered the transaction on behalf of the seller.
The property was subject to a $59.2 million loan originated by First United Bank & Trust back in 2018 and was set to mature in 2023, according to CommercialEdge data.
Spread on 7.5 acres, the four-building shopping center initially came online in 1999 and underwent renovations in 2022.
The property’s tenant roster includes a mix of national and regional retailers such as Starbucks, Land Design, United Real Estate, Natuzzi Editions, Nest Craft Cafe and Ovation Salon Suites. Muse Shops at Midtown has a weighted average remaining lease term of 8.7 years and more than 70,000 square feet of new leases signed in the last 12 months. At the time of the sale, the property was 58 percent leased.
READ ALSO: Retail Investors Are Adapting to Disruption. Here’s How.
The brokerage team included Senior Managing Director Adam Howells, Director Erin Lazarus, Associate Megan Babovec and Analyst Keenan Ryan.
Most active retail supply
Located at 5203-5233 Alpha Road, Muse Shops at Midtown is within the Platinum Corridor South submarket. Situated at the intersection of the Dallas North Tollway and Interstate 635, the property is in an area where the daily traffic count reaches more than 540,000 vehicles per day, according to JLL. The center serves 533,924 individuals within a 5-mile radius, with the consumer spending power of $20.2 billion, the same source shows.
The open-air retail center is in an urban mixed-use environment of North Dallas, situated adjacent to the Galleria Dallas—a 1.5 million-square-foot regional shopping mall that attracts more than 7.4 million visits annually—and a recently delivered 289-unit residential property.
The Dallas-Fort Worth retail market ranked as the third most active in the U.S. for transactions last year, and number two overall for single-tenant sales, according to a recent Marcus & Millichap report. The Metroplex leads the nation for new retail supply this year, with approximately 60 percent of the space scheduled to finalize in 2024 being preleased, the same source shows.
You must be logged in to post a comment.