A strategically located Dallas shopping center has a new owner.
The more than 150,000 square foot commercial property is located on Dallas Parkway, just north of the Galleria Shopping Mall. Built in 1995, it was previously anchored by Bed, Bath & Beyond and Buy, Buy Baby stores. All the national retailers went bankrupt and shut down.
The busy Far North Dallas property on the east side of the Dallas North Tollway was recently acquired by Dallas real estate firm Four Rivers Capital, according to county records. Strive Real Estate arranged the property sale.
Justin Scherkopf, managing partner at Four Rivers Capital, confirmed the acquisition.
“It's about 50 percent vacant,” Schelkopf said. “We think it's a great location. We plan to continue to operate it as a retail store and own it long term.”
Schelkopf said the owners may eventually decide to redevelop the roughly 12-acre site. “There could be a lot of meaningful uses here,” he said.
The area surrounding Galleria Mall is undergoing new construction projects, including apartments, hotels, and retail space.
Four Rivers Capital is the same company that developed one of Dallas' most successful office and retail projects, the 12-story Weirs Plaza tower on Knox Street just east of Highland Park.
The $155 million development includes the more than 100-year-old Highland Park Pharmacy building and a new Weirs Furniture store on Travis Street. The Knox Street high-rise was fully leased when it opened last year.
The Far North Dallas Shopping Center is the latest in several recent retail real estate transactions in North Texas.
The 163,341-square-foot Prestonwood Park Shopping Center in Plano was just sold to a local investor, and Addison's Prestonwood Place Shopping Center on Beltline Road was sold to an Indiana investor. Arlington retail center Cooper Street Plaza has been sold to Dallas investor Vista Property Company. Northview Plaza in northeast Dallas was acquired by Los Angeles-based Westwood Financial.
Shopping center sales rose this year, but purchases of other commercial real estate slowed. In the first half of 2023, more than $940 million in transactions took place in D-FW shopping centers.
