Lionstone Investments has bought Muse Retailers at Midtown, a 112,162-square-foot value-add retail heart positioned in Dallas. Morgan Stanley bought the lately redeveloped asset, in response to public data. JLL Capital Markets brokered the transaction on behalf of the vendor.
The property was topic to a $59.2 million mortgage originated by First United Financial institution & Belief again in 2018 and was set to mature in 2023, in response to CommercialEdge knowledge.
Unfold on 7.5 acres, the four-building buying heart initially got here on-line in 1999 and underwent renovations in 2022.
The property’s tenant roster contains a mixture of nationwide and regional retailers similar to Starbucks, Land Design, United Actual Property, Natuzzi Editions, Nest Craft Cafe and Ovation Salon Suites. Muse Retailers at Midtown has a weighted common remaining lease time period of 8.7 years and greater than 70,000 sq. ft of recent leases signed within the final 12 months. On the time of the sale, the property was 58 p.c leased.
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The brokerage workforce included Senior Managing Director Adam Howells, Director Erin Lazarus, Affiliate Megan Babovec and Analyst Keenan Ryan.
Most energetic retail provide
Positioned at 5203-5233 Alpha Highway, Muse Retailers at Midtown is throughout the Platinum Hall South submarket. Located on the intersection of the Dallas North Tollway and Interstate 635, the property is in an space the place the day by day visitors rely reaches greater than 540,000 autos per day, in response to JLL. The middle serves 533,924 people inside a 5-mile radius, with the buyer spending energy of $20.2 billion, the identical supply exhibits.
The open-air retail heart is in an city mixed-use atmosphere of North Dallas, located adjoining to the Galleria Dallas—a 1.5 million-square-foot regional shopping center that pulls greater than 7.4 million visits yearly—and a lately delivered 289-unit residential property.
The Dallas-Fort Price retail market ranked because the third most energetic within the U.S. for transactions final yr, and quantity two general for single-tenant gross sales, in response to a latest Marcus & Millichap report. The Metroplex leads the nation for brand new retail provide this yr, with roughly 60 p.c of the house scheduled to finalize in 2024 being preleased, the identical supply exhibits.