A huge chunk of Henderson Avenue with some of the buzziest businesses has changed hands.
According to a release, New York-based real estate investment trust company Acadia Realty Trust acquired a stretch of properties that includes restaurants, nightlife, and retailers such as Warby Parker, The Skellig, Tecovas, Bonobos, Gemma, Sfuzzi, High Fives, Shell Shack, The Porch, and Tei Tei Robata Bar.
The Sprouts Market grocery store is part of the deal, as well as other businesses such as CorePower Yoga, the Black Tux, Knot Standard, Heyday Skincare, and Salon 5014.
The New York investor paid $85.4 million. The portfolio also includes several parcels for future development opportunities.
JLL Capital Markets represented a CIM Group-fund and Open Realty Advisors in the sale, which spans more than a mile, consisting of 15 standalone and strip retail buildings totaling 123,960 square feet.
According to a statement from JLL's Retail Capital Markets team, "Henderson Avenue has emerged as Dallas' 'cool-street' retail destination, where young, millennial residents are drawn to the mix of digitally native brands and trendy local restaurants that the ownership team brought to this east Dallas neighborhood."
The release notes that the street is surrounded by desirable, affluent residential communities and is also driving distance for the 12,000-plus students who attend Southern Methodist University.
Acadia Realty Trust acquired the asset in its entry into the Dallas-Fort Worth market. They've been on a buying spree, acquiring other hyper-trendy areas in the U.S. including a building in West Hollywood's Design District and a collection of 11 retail storefronts and 23 residential units in the Williamsburg neighborhood of Brooklyn.
JLL Retail Capital Markets has itself been busy: The team representing the seller — Senior Managing Directors Ryan Shore, Chris Gerard and Co-Head of JLL Retail Capital Markets Barry Brown, Associate Erin Lazarus and Analyst Beth Copeland - along with Senior Managing Director Todd Savage recently completed the sale of Knox Park Village for the seller earlier this year.