A New York investor has bought a mall in northeast Dallas.
Arboretum Village is a 95,000 square foot shopping center on Gaston Avenue near White Rock Lake.
Built in 2014, the neighborhood mall has been owned by Dallas investor Crow Holdings for seven years.
The New York Brixmor Property Group has now acquired the property.
Arboretum Village is anchored by a Tom Thumb grocery store and has other tenants including Ace Hardware, White Rock Alehouse & Brewery, and Petsmart.
Brixmor is a real estate investment trust with nearly 400 retail properties in the United States. The company owns nearly a dozen malls in North Texas, including Preston Ridge in Frisco and Market Plaza in Plano.
Crow Holdings’ sale of Arboretum Village comes at the same time the investor acquired a landmark retail center in West Dallas. A retail mutual fund represented by Crow Holdings acquired the Sylvan Thirty retail complex at Fort Worth Avenue and Sylvan. Constructed in 2013, the mixed-use development was one of the first such projects in the area west of downtown and includes a combination of shopping and dining with apartments on the upper floors.
The Sylvan Thirty and Arboretum Village sales are the latest in a string of recent mall transactions that have picked up since a slowdown early in the COVID-19 pandemic.
The Dallas-Fort Worth region was the nation’s top commercial real estate investment market in 2021, with nearly $47 billion worth of transactions.