By: Kerri Panchuk, BisNow Dallas – Fort Worth
It’s rare for Dallas’ Platinum Corridor to have two mixed-use, retail-anchored developments on the market at the same time, but that’s what’s happening alongside the Dallas North Tollway today.
Nicknamed the Platinum Corridor for the copious amount of highly valuable office, retail and residential product bordering the tollway north of Interstate 635, the Dallas North Tollway submarket has two retail-focused assets grabbing the attention of investors as of late.
The first is a 128K SF mixed-use development known as West Plano Village. It has already received multiple purchasing bids, said JLL Senior Managing Director of Capital Markets Chris Gerard, who is part of the team listing the property.
The property sits on 9 acres near Parker Road and the Tollway in Plano and is home to national and regional tenants, including Charles Schwab, Eatzi’s, Spaces, AT&T and Kona Grill.
A second asset, known as Village on the Parkway on Belt Line Road in Dallas, also has bidders vying to purchase the 349K SF, retail-anchored mixed-use development. The community is 77% leased and has a combined 200,000 vehicles pass it each day, according to JLL. Tenants inside the 40-year-old mixed-use Village on the Parkway include grocery retailer Whole Foods and AMC Theatres.
Village on the Parkway sold in 2015 to UBS Realty Investors.
While both of the JLL-brokered developments have multiple bidders lying in wait, Gerard said no offers have been officially accepted.
Neither asset is distressed despite ongoing upheaval in both the retail and office sectors, he added.
Seeing how popular DFW is with in- and out-of-state investors post-pandemic, the owners thought now would be a good time to offload their mixed-use assets, Gerard said.