DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
An older shopping center in an affluent pocket of Dallas was recently purchased by a North Carolina-based retail real estate investor, three months after hitting the market.
Asana Partners LLC purchased the Skillman Live Oak retail strip from BGO in a deal that closed Sept. 10.
JLL's Erin Lazarus, Adam Howells, Megan Babovec and Ben Pollack represented the seller, which is the real investment arm of Sun Life.
Financial terms of the deal were not disclosed. The 74,653-square-foot shopping center, built in 1948, initially hit the market in May.
The site, at the intersection of Skillman and Live Oak streets, is 77% leased, meaning Asana has open spaces to fill. The center has lost some prominent tenants in recent years, including popular restaurants Buzzbrews and Matt's Rancho Martinez. Current tenants include Society Bakery and Tea Room, Black Swan Yoga and Paradigm Fitness.
The center is in Lakewood, a family-friendly neighborhood near White Rock Lake. The average household income within a 3-mile radius of the center is more than $142,000, according to data from JLL.
The deal "further signifies the strong commercial real estate activity in the area," Lazarus, JLL director of capital markets in Dallas, said in a statement.
Over the years, Asana has purchased several properties in Dallas, including more than three dozen properties in Deep Ellum, some office and retail space in Victory Park, and a 200,000-square-foot shopping center called The Hill. It also appears to be planning a multimillion-dollar overhaul of a seven-building complex in the Design District, according to plans revealed in a state filing.
Toronto-based Sun Life Assurance Co. had acquired Skillman Live Oak in 2015 after it underwent an eight-figure renovation.
