A shopping center in Southlake has been sold to a local partnership.
Southlake Marketplace is a 132,000 square foot shopping center located on the southeast corner of Davis Boulevard and Southlake Boulevard.
The mall is over 90% leased to tenants such as Hobby Lobby, Mooyah Burgers and Rosa’s Cantina.
Dallas-based Shop Cos. and Grapevine investor 2GR Equity acquired the property for redevelopment.
“We believe this asset is long overdue for repositioning given its location and visibility,” 2GR Equity director and co-founder David Gregory said in a statement. “That, coupled with the amount of household discretionary income in the surrounding area, makes this center an ideal location for any high-end retailer.”
The mall’s redesign plans include landscaping and parking improvements and improvements to the exterior of the building.
The Southlake Marketplace was operated by Dunhill Partners of Dallas, a business and commercial real estate investor and developer.
Dunhill Partners recently sold several of its North Texas holdings. Earlier this year, Dunhill sold 800,000 square feet of showroom, restaurant and retail space on 40 acres in Dallas’ Design District to investment firm HN Capital.
Dunhill had owned the Design District properties since 2014. In April, Dunhill sold its Dunhill Design District apartments at 1900 Hi Line Drive northwest of downtown to BV Capital of Dallas.
Dunhill Partners has been selling properties since its founder, Bill Hutchinson, was charged with sexual assaults in Texas and California.
Southlake Marketplace’s new owners, 2GR and Shop Cos., previously purchased and redeveloped the Hillcrest Village mall at Arapaho Road and Hillcrest in far north Dallas.