BGO Sells Dallas Shopping Center

Asana Partners has purchased Skillman Live Oak, a 74,653-square-foot retail neighborhood center in Dallas. BGO sold the asset, in a portfolio sale brokered by JLL Capital Markets.

Completed in 1948, Skillman Live Oak encompasses three buildings spread on some 4 acres. At the time of the deal, the shopping center was 77 percent leased.

Skillman Live Oak’s tenant roster is a mix of national and regional tenants such as Pizza Hut, MetroPaws, UPS, Gallery Central, Sunstone Yoga, Crossfit and Buzz Brews, among others.

The asset is within East Dallas, at 1914 Skillman St. Situated at the intersection of Skillman and Live Oak, the shopping center is within the affluent Lakewood neighborhood, serving residents with an average household income of $142,100, according to JLL.

Director Erin Lazarus, Senior Managing Director Adam Howells, Associate Megan Babovec and Analyst Ben Pollack led the Investment and Sales Advisory team working on behalf of the seller.

With 15 straight quarters of positive net absorption, Dallas-Fort Worth is thriving and showing positive retail market trends, as highlighted in a recent Partners Real Estate report. The metro’s development pipeline is robust, with 4.8 million square feet of retail space under construction as of June, mainly in the northern suburbs.

Record-high asking rents emphasize the market’s competitiveness, with rates reaching an average of $20.65 per square foot, up 8 percent year-over-year, the same source shows. Elevated rental rates in North Central and Central Dallas underscore sustained demand for prime locations.

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