Jones Lang LaSalle Inc.
09/16/2024 | Press release | Distributed by Public on 09/16/2024 14:49
Retail neighborhood center trades owners in the affluent Dallas suburb of Lakewood
DALLAS, Sept. 16, 2024 - JLL Capital Markets announced today that it has arranged the sale of Skillman Live Oak, a 74,653-square-foot retail neighborhood center in the affluent Dallas neighborhood of Lakewood, Texas.
JLL represented the seller, BGO, in the transaction, and Asana Partners acquired the property.
Located at the intersection of Skillman and Live Oak, the property is minutes from top-ranking private schools, recreational destinations such as the Lakewood Country Club, White Rock Lake and the Dallas Arboretum.
Lakewood is a highly sought-after, affluent neighborhood boasting an impressive average household income of $142,100, with 68% of the residents holding a Bachelor's degree or higher. Furthermore, the greater Dallas MSA ranks third highest for job growth in the nation, hosting the headquarters of two Fortune 10 companies and providing a thriving pro-business environment.
Skillman Live Oak features a diverse rent roll with a mix of local staples and well-known national tenants. The retail neighborhood center is currently 77% leased, presenting immediate value creation opportunities for the new owner.
JLL Capital Market's Investment and Sales Advisory team representing the seller was led by Director Erin Lazarus, Senior Managing Director Adam Howells, Associate Megan Babovec and Analyst Ben Pollack.
"We are thrilled to announce the successful sale of Skillman Live Oak in the vibrant urban pocket of Lakewood," commented Lazarus. "As one of the nation's top economic performers, Dallas-Fort Worth attracts businesses and visitors alike, leading to a population growth rate that is projected to be more than four times the national average from 2023-2028. This sale further signifies the strong commercial real estate activity in the area, with Dallas-Fort Worth being a leading metro for commercial real estate sales volume."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
Asana Partners is a retail real estate investment firm creating value in vibrant neighborhoods by leveraging vertically integrated capabilities and retail expertise. With more than $7 billion of neighborhood assets under management, the firm is active in growth markets throughout the United States and is driven to make a positive impact within communities. Asana Partners champions a strong collaborative culture with offices in Charlotte, Atlanta, Boston, Columbia, Denver, Los Angeles and New York. For more information, visit www.asanapartners.com.