A strategically located Dallas shopping center has a new owner.
The more than 150,000-square-foot retail property is on Dallas Parkway, just north of the Galleria shopping mall. Built in 1995, it was previously anchored by Bed, Bath & Beyond and Buy, Buy Baby stores. Both national retailers went bankrupt and shut down.
The high-traffic Far North Dallas property on the east side of the Dallas North Tollway was just snapped up by Dallas real estate firm Four Rivers Capital, county records show. Strive Real Estate arranged the property sale.
Four Rivers Capital managing partner Justin Schoellkopf confirmed the purchase.
“It’s about 50% vacant,” Schoellkopf said. “We think it’s a great location. We will continue to operate it as retail and plan to own it long term.”
Schoellkopf said eventually the owners may decide to redevelop the almost 12-acre property. “There could be any of number of uses that make sense here,” he said.
The area around the Galleria mall is seeing new construction projects including apartments, hotels and retail space.
Four Rivers Capital is the same firm that developed one of Dallas’ most successful office and retail projects – the 12-story Weir’s Plaza tower on Knox Street just east of Highland Park.
The $155 million development includes the more than century-old Highland Park Pharmacy building and a new Weir’s Furniture store on Travis Street. The Knox Street high-rise was fully leased when it opened last year.
The Far North Dallas shopping center is the latest of several recent North Texas retail real estate trades.
The 163,341-square-foot Prestonwood Park shopping center in Plano just sold to a local investor and Addison’s Prestonwood Place shopping center on Belt Line Road sold to an Indiana investor. An Arlington retail center, Cooper Street Plaza, sold to Dallas investor Vista Property Co. Northview Plaza in northeast Dallas was acquired by Los Angeles-based Westwood Financial.
Sales of shopping centers have risen this year while purchases of other commercial properties have slowed. During the first half of 2023, more than $940 million in D-FW shopping centers changed hands.