Lake Highlands Village LakeHighlands Village incorporates three buildings totaling 100,000square feet.

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DALLAS—Lake Highlands Village, located at located at 9090Skillman St. at the intersection with Audelia, incorporates threebuildings totaling 100,000 square feet. A Dallas-based limitedpartnership, JAH Realty LP, recently acquired the Tom Thumbshadow-anchored community center and office project for anundisclosed purchase price.

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The purchaser acquired the property as a value-add investment,and plans renovations and re-merchandising for the50,000-square-foot retail building, which is currently 50%occupied. Current concepts in the project's retail space includethe UPS Store, plus several restaurants, services and medicalusers, among others. New ownership is also working on plans for theoffice portion of the project, which is vacant.

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Lake Highlands Village benefits from its location in ahigh-traffic corridor and a dense trade area with approximately168,000 people within a three-mile radius. The center also benefitsfrom a daytime population of more than 184,000 within the radius,thanks to its location along the Interstate-635 commercialcorridor.

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"The acquisition is a long-term investment in one of the bestsubmarkets in Dallas, Lake Highlands," Graham Irvine of JAH tellsGlobeSt.com. "Lake Highlands has been recognized as one of the mostdesirable school districts in the Dallas area, and the submarketcontinues to improve year after year. Given our adjacent ownershipof the Tom Thumb center, we wanted to control the entire quadrantalong Skillman from Royal to Audelia."

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William Rosatti at JAH Realty will oversee the leasing of theproject, which is being re-branded. Derek Schuster and Kevin Butkuswith Weitzman handled negotiations on behalf of the seller.

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Community centers total nearly 76 million square feet of retailspace in DFW, the largest in terms of gross leasable area,according to Weitzman's latest report. Today, community centershave occupancy of 94%, thanks to net leasing of 482,000 square feetin 2019.

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The market welcomed a handful of new grocery-anchored communityretail and mixed-use centers last year. These grocers are growingmarket share and improving sales through remodeling stores, muchlike Lake Highlands Village has planned.

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One of these key remodels is the Tom Thumb at Arlington'sFielder Plaza, which was more than a remodel. It was the actionrequired to keep a store open.

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Moreover, the use of location intelligence showed how the storecould attract customers from nearby high-end neighborhoods. Thisability to better understand the customer has re-energized retail,says Weitzman.

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With the support of the city of Arlington, the Fielder Plazarenovation was completed last fall, along with a roll-out of acomplete digital package. The two improvements have resulted inclimbing sales for the center.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.