Two Major Retail Shopping Centers Repositioned by HSM
DALLAS — Henry S. Miller Company announced today that is has closed on the sale of a 49% ownership interest in two of its largest North Dallas shopping centers to a private family trust. The two properties are Market at Pepper Square, a 281,153 square foot shopping center anchored by Stein Mart, Hobby Lobby and Trader Joe’s located at the SEC of Preston Road and Beltline Road, and Central Forest Shopping Center, a 94,879 square foot shopping center anchored by Office Depot located at North Central Expressway and Forest Lane.
According to Greg Miller, CEO of the Miller Company: “This transaction is part of my overall strategic business plan to liquefy our real estate holdings during this low cap rate environment to build a war chest to redeploy into several new development projects. We plan to invest a portion of the funds in a multimillion-dollar renovation project at both properties that will include capital and aesthetic improvements. These properties are located at two of the most dominant corners in Dallas, with excellent access, visibility and demographics and, accordingly, very important for us to retain long term despite enormous interest from potential purchasers.”
Jim Brownlow, SVP & Managing Director of HSM Equities, arranged the sale. Jim said, “I recently rejoined the Miller Company and was charged with the task of finding a suitable equity partner for these assets. I immediately identified a prominent local high net worth individual seeking a long term investment that was a perfect fit for the Miller family.”
Robert DuBois, CFO of the Miller Company negotiated the terms of the transaction on behalf of the seller. Robert said, “This transaction allows the Miller organization to generate significant investment capital through our alliance with our new equity partner yet maintain majority ownership and control of these two strategically located properties.”