Oklahoma Firm Forges Texas Expansion Plan

DALLAS-After 18 months of quietly acquiring retail assets in North Texas, John A. Henry & Co. Ltd. is implementing changes to gain additional traction in the region. In the past week, the firm's changed its name, set up an operating company to lead the initiative and tucked away its fourth retail deed in the area.

The newly formed JAH Realty LP will lead asset and property management, leasing, construction management and acquisition activity of neighborhood and community retail properties in Texas and Oklahoma for its renamed parent, JAH & Co., which is maintaining headquarters offices in Oklahoma City and Dallas. JAH president Jeff Norman tells GlobeSt.com that the firm bought the 63,723-sf Virginia Square from Sterling Projects in the past week, taking the Dallas/Fort Worth portfolio to 390,564 sf, of which 297,764 sf is retail space.

With an acquisitions sweet spot of $5 million to $20 million, the buyer paid at the lower end of the spectrum for Virginia Square, a 98.5%-leased center developed in 1980 at 208 N. Central Expressway in McKinney. Just last month, the firm bought the fully leased, 35,524-sf Timberlake Shopping Center at 3502 Lakeview Parkway in Rowlett. And since October 2004, JAH has acquired the 140,946-sf Burleson Town Center, a 96%-leased property at 855 Alsbury Rd. in Burleson; 57,571-sf, 70%-leased Cottonwood Crossing at 4070 N. Beltline Rd. in Irving; and a 72,800-sf office building at 930 E. Campbell Rd. in Richardson.

Norman says JAH is looking to buy another 100,000 sf to 200,000 sf of retail space this year in Dallas/Fort Worth, Austin and San Antonio for the 1.1-million-sf, two-state portfolio. And, he says he firmly believes the firm, recognized in Oklahoma for its redevelopment forte and long-term holds, is starting to gain traction as a buyer in North Texas despite the stiff competition for retail properties in the metroplex.

JAH's Dallas CBD office in Thanksgiving Tower holds its CEO and chairman Jay Henry; acquisitions director Matt Smith and leasing associate. In the Oklahoma City office is Norman and several recently promoted teammates, Sheryl Hulsey, CFO; James Martin, director of construction and property management; Ethan Slavin, leasing director; and Tina Humann, controller.