Henderson Ave News

New York buyer snaps up the buzziest section of Dallas' Henderson Avenue

The sale includes properties such as Gemma, Sfuzzi, and Tei Tei.

Courtesy photo

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.

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GP News

Grand Prairie expands to the south with new master-planned community

Rendering courtesy of Provident

Goodland Grand Prairie

The City of Grand Prairie is growing fast and expanding to make way for a new master-planned development south of US Highway 287 and along Tollway 360, in Ellis and Johnson counties.

The community development, called Goodland, is the result of Grand Prairie’s recent 1,500-acre annexation extending its southern border toward Mansfield. Overall, with the added land, Goodland will be a 5,000-acre site featuring 15,000 residences including townhomes, custom homes, and gated communities for 50,000 residents.

According to a release, it will be a “city within a city” and a 45-minute drive from Dallas-Fort Worth. Beyond housing, there will be shops, restaurants, schools, public and private event venues, regional sports fields and complexes, dance halls, churches, trail systems, city parks, ponds, and preserved green spaces.

“This is a significant step in our city’s development,” says Grand Prairie Mayor Ron Jensen in a statement. “Unlike many of our neighboring cities, we have the unique advantage of new development opportunities to our south that will drive the growth and prosperity of our city. We recognized the opportunity and took decisive action.”

Leading the development is Provident, a Dallas-based real estate firm that has created other master-planned communities across Dallas-Fort Worth, such as Preston Hollow Village and Hillstead in Collin County. Provident has plans to work nature into the space design with more than 1,600 acres of creek corridors and floodplain land.

Plans are ongoing for a centralized mixed-use walkable Town Center, complete with civic buildings and other commercial development. Further south on the property near Highway 67, light industrial uses and other private employment campuses are already underway, projects that will contribute vital tax dollars for city growth and future expansions.

“This level of placemaking is quite rare, and certainly not easy to execute, especially in a brand-new community," says Provident Managing Director Rylan Yowell in a statement. "We are committed to a long-term vision with a desire to be good stewards of the land."

A new four-lane road called Goodland Parkway will link Goodland to Grand Prairie at Tollway 360 and US Highway 287. It's set to open by December 2025.

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