Big property owner in Deep Ellum buys bustling Dallas center The Hill
A trendy shopping center off US-75 in north-ish Dallas has a new owner: The Hill, the 240,000-square-foot shopping destination at the northeast corner of Walnut Hill and Central Expressway, was acquired by Asana Partners, the Charlotte, North Carolina real estate company that owns a big chunk of Deep Ellum.
Asana bought the property from EB Arrow, formerly Arrow Retail, a commercial real estate investment firm based in Dallas that specializes in mixed-use, multi-tenant, and single-tenant retail properties.
According to a release from JLL Capital Markets, who represented the seller, Asana Partners purchased the asset in an off-market transaction. No for-sale sign posted.
Asana Partners is a real estate investment company that acquires, enhances, and operates mixed-use and retail properties in urban and near-urban neighborhoods in the United States. In a statement, a company representative says that their initial plans are to improve the existing buildings and outdoor space while implementing a marketing program to energize the center.
"This investment deepens our commitment to Dallas and expands our portfolio of neighborhood mixed-use properties in dynamic locations," says Brian Purcell, Managing Director at Asana Partners.
The Hill was originally built in 1977 with a mid-century modern aesthetic, but began renovations in 2016, part of a plan to evolve into a modern shopping center with a sleek design and eclectic mix of restaurants and retailers that cater to the local community.
Tenants include Civil Pour, Camp, Bellagreen, Luna Grill, Houndstooth Coffee, Hiatus Spa + Retreat, Snooze, Taco Deli, Hat Creek Burger Co., and Boardroom Salon for Men.
A linchpin of the center was going to be TreeHouse, the upscale home improvement store from Austin, which opened with a splashy party in 2017, but then closed with a thud at the end of 2018.
The space subsequently became an installation of Candytopia, an outrageous candy museum that was open in the space for half of 2019. It's currently slated to become a climbing gym called Movement.
Located in north central Dallas at 8041 Walnut Ln., The Hill is perceived as having a good location thanks to its proximity to Preston Hollow, Lake Highlands, Lakewood, and Park Cities. It's also close to the Dallas Presbyterian Hospital campus and adjacent to the Walnut Hill station on DART’s Red Line.
The property is arranged around an interior courtyard punctuated with 30-year-old oak trees, allowing shoppers to patronize more than 30 retail, restaurants, fitness and service providers while getting fresh air and enjoying green space and original art.
"Investing immediately in renovations to the courtyard and existing buildings will position The Hill to attract high-quality retailers and creative office tenants that complement the current tenant mix," added Brad Kantrowitz of Asana Partners. "Long term, we will explore densification opportunities with the goal of creating a unique mixed-use community with a full range of amenities."
In addition to The Hill, Asana Partners owns 43 properties in Deep Ellum and more than 400,000 square feet of commercial space in Victory Park.