The owners of Highland Park Village are raising their profile as luxury retail owners in multiple cities.
HP Village Management said Tuesday it had purchased an interest in the upscale Phillips Place in Charlotte, North Carolina, and would lease and market the property.
Phillips Place is a 163,000 square foot shopping and dining center located in Charlotte’s upscale SouthPark neighborhood.
HP Village, led by Ray Washburne and Stephen Summers, bought a 45% share of Phillips Place through AG Hill Partners from the Harris family in Charlotte, who built the European-style village center on land family in 1997. The sale price was not disclosed.
The Dallas company wants to continue to grow its portfolio of luxury retail, Washburne said. “We can come in with our relationship framework and bring in trendy retailers with the existing local tenants already there. “
RH Gallery recently opened in Phillips Place, and the center is home to Charlotte’s most upscale menswear retailer and jeweler, he said. The Harris family, which has primarily been an office developer and has frequently partnered in mid-Atlantic states with Dallas-based Lincoln Property Co., approached HP Village Management about the sale.
“The demographics are the best in town,” he said. “It’s a bit like Charlotte’s Highland Park Village.”
Phillips Place recently received approvals to construct a 10-story office building. Washburne said it could house a future private Park House social club similar to the one that opened in Highland Park Village in 2018.
HP Village Management also leases and markets Knox Street for the owners of 70% of the shopping district, a group made up of Michael Dell’s family trust and two Dallas-based companies, Trammell Crow Co. and The Retail Connection.
In Aspen, Colorado, HP Village also owns and operates three retail properties in the mountain town’s downtown area. In addition, Washburne’s Charter Holdings has just purchased the Allen’s Watters Creek shopping centre.
The story was updated at 2 p.m. to increase the minority stake to 45%.
Looking for more retail coverage? Click here to read all news and retail updates. Click here to subscribe to D-FW Retail and other newsletters from The Dallas Morning News.