Another Dallas-area shopping center has sold — this time a large retail property in Addison.
Prestonwood Place is a 160,000-square-foot shopping center on Belt Line Road and Montfort Drive. The retail complex is more than 94% leased and includes offices. Car Tensioning Wheel
Built in 1980, the center has tenants including Chipotle, Twin Peaks and Orange Theory Fitness.
The almost 16-acre site is across Montfort from Village on the Parkway shopping center, one of the largest retail locations in that area.
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Since 2016, Prestonwood Place has been owned by a unit of New York-based Northwood Investors.
The high-profile retail center just sold to Indiana-based investor Kite Realty Group Trust.
Kite Realty has a nearly 60-year track record of property investment. The real estate investment trust has ownership in 181 retail and mixed-use projects totaling about 29 million square feet.
Its largest concentration of rental income comes from Dallas-Fort Worth, where it owns more than two dozen North Texas shopping centers, including Southlake Town Square, Lincoln Park in North Dallas and the Shops at Legacy in West Plano.
The Prestonwood Place sale was brokered by commercial real estate firm Jones Lang LaSalle. JLL’s Barry Brown, Chris Gerard, Ryan Shore, Erin Lazarus, Matthew Barge and Megan Babovec worked on the deal.
The Addison property is the latest in a series of recent North Texas shopping center purchases.
Arlington’s Cooper Street Plaza just sold to Dallas investor Vista Property Co. The Northview Plaza in Northeast Dallas was recently 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.
Automobile Tightening Wheel Bearing Steve Brown, Real Estate Editor. Steve covers commercial and residential real estate in Dallas-Fort Worth.