DALLAS—Ares Management LP and investment partner Benchmark Opportunity Partners LLC acquired Sierra Vista Plaza in 2011. The joint venture recently sold the 163,000-square-foot neighborhood grocery-anchored retail center to ACF Property Management for an undisclosed price.

This transaction marks another successful completion in Ares' domestic emerging markets strategy, which incorporates the rehabilitation, revitalization and repositioning of properties in emerging urban communities across the US. GlobeSt.com learns that these domestic emerging markets are worthy of revitalizing but are located in historically underinvested and undervalued emerging urban neighborhoods with high supply-demand imbalances, high density and growing populations.

Located in the Oak Cliff neighborhood south of Dallas' Central Business District, Sierra Vista Plaza is located at the southwest corner of Westmoreland Road and Illinois Avenue. The retail center is currently 100% leased and fully stabilized.

It is anchored by Fiesta Mart, a rapidly expanding grocer with more than 60 stores in Texas, and features national retailers including Marshalls, Melrose, Footlocker, Footlocker Kids, Applebee's, Bank of America, Payless Shoe Store, Cici's Pizza and Gamestop, along with a variety of local service-oriented tenants. Fiesta Supermarket and Marshalls anchor the shopping center at 57,000 square feet and 25,000 square feet, respectively. This 24-acre development was delivered in the third quarter of 2006, GlobeSt.com learns.

“Sierra Vista Plaza is an excellent example of our ability to identify well-located urban enclaves poised for rapid growth and our ability to execute our value-add business plan seamlessly along with our partner,” said James Simmons, partner in Ares Management's Real Estate Group.

Chris Cozby and Chris Gerard with CBRE in Dallas represented the sellers, Ares Management LP and Benchmark Opportunity Partners LLC in the transaction.

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Investor Targets Well-Located Urban Enclaves Poised for Growth

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