JAH Realty LP, through its affiliate, JAHCO Richardson Heights LLC (“JAH”), is excited to announce the acquisition of the Richardson Heights Shopping Center on June 28th. The seller of the property was Silver Star REIT, based out of Houston, and the sale was brokered by the Dallas office of JLL.
Located at SWC of Belt Line and Central Expressway (US 75), Richardson Heights was the first shopping center constructed in the City of Richardson, TX in the early 1950’s. Anchored by TJ Maxx and Alamo Drafthouse, the property encompasses approximately 16 acres with over 200,000 sq. ft. of retail, restaurants and service tenants including Half Price Books, Skechers, Phenix Salon Suites, Party City, McDonald’s, Birdcall, and many others.
“We had been looking at Richardson Heights off and on for many years, and decided to focus our acquisition team on this asset when JLL began their marketing again earlier this year. JAH has multiple other properties within a few miles of this intersection, and we are confident about the long-term ownership and potential of Richardson Heights,” said Graham Irvine, Managing Director at JAH. Plans are in the works to renovate the shopping center which will include significant architectural enhancements, façade modifications, landscaping and lighting upgrades, and other improvements. There will be a significant focus on repositioning Richardson Heights within the submarket, beginning with a marketing effort to attract additional anchor(s) for the remaining 30,000 sq. ft. vacant box located in the middle of the shopping center. JAH will be sharing elevations of the renovation plans in the coming weeks and will announce a schedule to complete the work later this year.
JAH has been in business for over 50 years focused on the acquisition, development, leasing, management, and construction of shopping centers. With this acquisition, the company now owns and operates a retail portfolio of approximately 2.8 million square feet in Dallas-Fort Worth and Oklahoma City, which it manages and leases with its in-house team. For more information, please visit the JAH Realty website at www.jahrealty.net or contact Clay Harris at 214.220.0274 or clay.harris@jahco.net or Graham Irvine at 214.220.0274 or graham.irvine@jahco.net.