CIM Group and Open Realty Advisors Complete Sale of 15-Building Retail Portfolio on Henderson Avenue in Dallas
DALLAS--CIM Group and Open Realty Advisors announced today the sale by a CIM-managed fund of the Henderson Avenue retail portfolio consisting of 15 prominent retail buildings, totaling 124,000 square feet and spanning approximately one mile along Henderson Avenue in Dallas, Texas.
The Henderson Avenue portfolio comprises 15 single-story standalone buildings and more than 160,000 square feet of development potential on 4.33 acres. Anchored by Sprouts Farmers Market, the Henderson Avenue district is a pedestrian-friendly destination featuring a variety of modern retailers alongside locally inspired restaurants and nightlife options popular with both Dallas residents and visitors.
Since acquiring the Henderson Avenue retail properties in 2012, CIM and Open Realty have expanded the area’s tenant array and enhanced the appeal of the district with the addition of fashion brands Warby Parker, Bonobos, Tecovas, The Black Tux, and Knot Standard; beauty and wellness concepts including CorePower Yoga, Heyday Skincare, and Salon 5014; and award-winning restaurants and bars Gemma, Sfuzzi, The Skellig, High Fives, Shell Shack, alongside Henderson Avenue institutions The Porch and Tei Tei Robata Bar.
“Henderson Avenue represents the type of community-focused street retail corridor that CIM Group believes is a vital contributor to enhancing neighborhoods in a way that serves residents and visitors,” said Shaul Kuba, Co-Founder and Principal, CIM Group.
“We are very proud of what we accomplished with CIM Group. Together we elevated the dining and shopping experience on Henderson Avenue by instituting a cohesive plan for this collection of distinctive properties,” said Mark Masinter, Co-Founder and Managing Member of Open Realty Advisors.
In addition to the Henderson Avenue properties, a CIM-managed fund and Open Realty recently completed the sale of nearby Knox Park Village, a four-story, 84,360-square-foot mixed-use office and retail property with garage and surface parking spaces located at 3001-3003 Knox St. adjacent to Henderson Street.
The Henderson Avenue retail portfolio is located between the North Central Expressway and Ross Avenue near the Highland Park, University Park, Uptown, and Lakewood communities that include numerous residential developments and hotel accommodations.
For more than 25 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
About Open Realty Advisors
Open Realty Advisors specializes in strategic planning, site identification, market analysis, financial evaluation, lease negotiation, project administration, construction and design facilitation, portfolio maintenance and site disposition, as well as project-specific expertise in acquisition consultation, market analysis, financial analysis, project design and site development, merchandising, project leasing and asset management. Open Realty Advisors also develops and invest in the communities where we have worked for over three decades, leveraging our relationships and collective experiences to identify the next opportunities to create transformative places. Our mission is to craft immersive, mixed-use projects, defined by unique retail, dining and hospitality experiences.