Asana Partners has acquired 421,617 square feet of retail and office properties inside Victory Park, the live-work-play neighborhood in Dallas, from Estein USA.
The American Airlines Center, home of the NBA’s Dallas Mavericks and NHL’s Dallas Stars, is surrounded by Victory Park. The park also currently boasts 621,000 square feet of Class A office space, more than 220,000 square feet of retail, restaurant and entertainment, a 252-key W Dallas–Victory Hotel, more than 3,300 residential units and the Perot Museum of Nature and Science.
The properties Asana Partners purchased were recently renovated and expanded, with the retail storefronts currently more than 90 percent leased. The roster of tenants includes Cinépolis Luxury Cinemas, HERO by HG Supply, Imoto, Billy Can Can, Mesero, V.O.D., Jinya Ramen Bar and Orangetheory Fitness.
Estein USA acquired the assets in 2009 on behalf of European investors, taking over most of the 75-acre Victory Park project at the time after the development faced some difficulties. It continued to renovate the properties, which today are part of a thriving live-work-play environment.
The master-planned development is located northwest of downtown Dallas and north of Spur 366, close to Interstate 35 and the Woodall Rogers Freeway. Victory Station provides access to DART Light Rail and the Trinity Railway Express. The 3.5-mile jogging and bicycle path, The Katy Trail, is also directly accessible.
HFF represented the seller. The firm’s investment advisory team consisted of Ryan Shore, Barry Brown and Chris Gerard, all senior managing directors.
New jobs spur retail sector
According to recent data by Estein USA, Dallas’ population has increased 44.7 percent since 2010, while the average household income of those living within a mile of the property has grown 51.0 percent in that time. That figure is 77.0 percent higher than the national average.
These figures are confirmed by Marcus & Millichap’s most recent Dallas/Fort Worth retail investment forecast, which notes Dallas/Fort Worth recorded six-figure employment gains last year and project similar numbers are expected in 2019. The report shows that many of these new positions are in the northern suburbs, where large office parks and master-planned communities are attracting workers.
In January, Asana partners purchased Midtown Promenade, a 110,998-square-foot retail asset in Atlanta, financing the acquisition with a $27.5 million loan from Synovus Bank.