JAH Realty, L.P. (“JAH”), through an affiliate JAHCO Lake Highlands LLC, announces the acquisition of Plaza Bank, a 100,000-square foot shopping center located on approximately 7.3 acres at the corner of Skillman St. & Audelia Rd. in Dallas, TX. The acquisition closed on December 4, 2019. JAH has owned the adjacent Tom Thumb anchored shopping center to the south, known as Royal Highlands Plaza, since 2007.
The property was sold by Iron Point Titan Ventures who was represented by Weitzman.
Graham Irvine of JAH commented: “The acquisition is a long-term investment in one of the best submarkets in Dallas, Lake Highlands. Lake Highlands has been recognized as one of the most desirable school districts in the Dallas area and the submarket continues to improve year after year. Given our adjacent ownership of the Tom Thumb center, we wanted to control the entire quadrant along Skillman from Royal to Audelia. The reconfiguration of the Audelia and Skillman intersection, which will follow the Interstate 635 expansion with the new interchange at Skillman starting later this year, will continue to drive more traffic our way over the long-term. We intend to keep the building adjacent to Tom Thumb in its current configuration, and are evaluating the demolition of the eastern building along Audelia for other uses which will be announced at a later time.”
William Rosatti with JAH will handle the leasing of the shopping center and can be reached at 214-220-2274 or william.rosatti@jahco.net. William commented, “We are rebranding the entire project from Royal to Audelia as Lake Highlands Village. Cosmetic improvements are currently underway which includes new paint, new pylon signage, and a number of landscaping upgrades. We are excited about the project and its long-term success in Lake Highlands.”
JAH Realty, L.P. wholly owns and manages a shopping center portfolio of 2.35 million square feet in Dallas-Ft. Worth and Oklahoma City, and additionally manages a further 2 million square foot portfolio throughout the country on behalf of TriGate Capital, LLC (an affiliated company).