DALLAS—AEW Capital Management, L.P. has acquired, on behalf of one of its separate account clients, MassPRIM, The Shops at Highland Village a 394,000-square-foot property.
Eric Zimmerman of Eastdil Secured represented the seller, Blackstone Real Estate Partners VII and John Carl, III of Trademark Property Company assisted AEW with the acquisition.
Serving the affluent southern Denton County area, The Shops at Highland Village are strategically located in the Dallas-Fort Worth metro area.
The class A lifestyle center is comprised of 23 separate buildings, including 29,000 square feet of office space.
It is anchored by AMC Theaters and Barnes & Noble, and is also home to other popular retailers and restaurants such as: Banana Republic, Ann Taylor, Chico’s, Jos A. Banks, Coldwater Creek, Rockfish Seafood Grill, and Grimaldi’s. A new Whole Foods Markets is currently under construction and is scheduled to open this summer. Trademark Property Company has been engaged to manage and lease the lifestyle center.
AEW plans to make some capital improvements to augment traffic patterns and enhance the already attractive public spaces. The property’s well-appointed outdoor patios, which are surrounded by artistic sculptures and fountains, are well-known gathering spots and they anticipate that these improvements will add to the experience.
“The Shops at Highland Village is a tremendous addition to our client’s portfolio,” said George Fryer, a director in acquisitions at AEW. “And given Trademark’s experience in creating retail destinations through improved merchandising, physical enhancements and strengthened connections to local communities, we believe we have a great opportunity to add value.”