HFF Closes Sale of Victory Park Retail and Office Buildings in Dallas, Texas
17 May 2019 - 6:15AM
Business Wire
HFF announces that it has closed the sale of a collection of
retail and office properties totaling 421,617 square feet in the
live-work-play Victory Park neighborhood of Dallas, Texas.
HFF marketed the property on behalf of the seller, Estein USA.
Charlotte-based Asana Partners purchased the asset in an off-market
transaction.
Victory Park is located at the intersection of downtown and
uptown Dallas and has direct connectivity to several of Dallas’
most heavily trafficked transportation thoroughfares, including
Interstate 35 (Stemmons Freeway) and the Woodall Rogers Freeway.
Featuring a unique collection of restaurants and retail, public art
and a one-acre park, the Victory Park area also includes the W
Dallas Hotel, the American Airlines Center (home to the Dallas
Mavericks and Dallas Stars), the House of Blues and the Perot
Museum of Nature and Science. The property is supported by one of
the densest multifamily collections in the metro area, with 3,500
apartments within two blocks of the property and an additional 1.5
million square feet of office, which will continue to strengthen
with future development.
To meet the needs of a residential and office population, the
asset tenancy includes a successful line-up of dynamic retail,
fitness, service, restaurant and entertainment tenants, including
Cinépolis Luxury Cinemas, HERO by HG Supply, Imoto, Billy Can Can,
Mesero, V.O.D., Jinya Ramen Bar and Orangetheory Fitness. The asset
serves a growing, affluent Dallas population; within a one-mile
radius of the property, the population has grown 44.7% since 2010,
and the average annual household income within a one-mile radius
exceeds $157,000, a 51% increase over 2010 and more than 77%
greater than the national average.
“We are proud that we delivered to the City of Dallas more than
anybody expected in our redevelopment initiatives completed in
Victory Park. We are confident that Asana Partners will perform as
well as an experienced owner of urban retail assets,” said Lance
Fair, Vice President of Victory Park and COO of Estein USA.
“Victory Park is the most urban, walkable retail and entertainment
district in the DFW area.”
The HFF investment advisory team representing the seller
included senior managing directors Ryan Shore, Barry Brown and
Chris Gerard.
Holliday GP Corp. ("HFF"), a Texas licensed real estate
broker.
About Estein USA
Since the early 1990s, Estein USA’s investments have been made
exclusively in the United States and expanded to office buildings,
power centers, hotels, industrial buildings and lifestyle centers.
Aside from its own capital, Estein USA raises its investment funds
through its German affiliates. The vast majority of the firm’s
investors have partnered continually and exclusively with Estein
USA, some having been with the firm since the 1970s. Over its
40-year history, Estein USA has invested more than $6.5 billion in
total equity. Visit https://www.esteinusa.com to learn more.
About Asana Partners
Asana Partners is a retail real estate company investing in
high-growth markets across the United States. Leveraging its
differentiated capabilities in retail real estate value creation,
the Company capitalizes on opportunities to create authentic retail
experiences in compelling locations around the country. For more
information, visit www.asanapartners.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets
services to the global commercial real estate industry. HFF,
together with its affiliates, offers clients a fully integrated
capital markets platform, including debt placement, investment
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF). For more information, please visit
hfflp.com or follow HFF on Twitter @HFF.
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version on businesswire.com: https://www.businesswire.com/news/home/20190516006003/en/
RYAN SHORETX Lic. #0469819HFF Senior Managing
Director(214) 265-0880rshore@hfflp.com
KRISTEN MURPHYHFF Director, Public Relations(617)
848-1572krmurphy@hfflp.com
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