Open Realty and CIM paid Andres
Properties $50M for 130,000 SF
on the Henderson Avenue corridor.

DALLAS-After amassing more than 130,000 square feet situated on 14 acres of infill land along the Henderson Avenue corridor, Andres Properties sold the entire 28-building spread to a joint venture between Los Angeles-based CIM Group and local firm Open Realty Advisors. Andres, which has owned property in the area since the 1950s, received more than $50 million from the transaction.

MCA founding principal Scott Lynn and senior director Sunny Sajnani represented Andres Properties as the exclusive sales intermediary for the disposition.  The area, located approximately five miles north of the CBD along Central Expressway (U.S. 75) is near the affluent Highland Park and highly in-demand Uptown submarket. In September, the Dallas Morning News reported that a sale of the assets to buyers with plenty of capital to reinvest could lead to more upgrades in the area.

CIM Group is no stranger to the area, as it owns the 334-unit Knoxbridge Apartments, the 103-unit 3636 McKinney and the 75-unit 3839 McKinney in nearby uptown.  According to a press release announcing the transaction, CIM and Open Realty Advisors’ plan is to continue attracting retail tenants to the sector. The company also owns assets in Austin and Houston.