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.
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.
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. (HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.