Lake Highlands Town Center Shopping Sells to Maryland-based Real Estate Investor

A northeast Dallas shopping center that anchors a major mixed-use development has changed hands.The Shops at Lake Highlands Town Center on Skillman Street was purchased by First Washington Realty, a nationwide property investment firm.Cypress Real Estate Advisors sold the project. Terms of the transaction were not disclosed.The 63,209 square foot shopping center is anchored by a Sprouts grocery store and opened in 2017."The Shops at Lake Highlands Town Center is poised to become the focal point of the community due its location and terrific tenant mix," Alex Nyhan, co-president and managing director at First Washington Realty, said in a statement. "This acquisition aligns well with our strategy to own best-in-class centers in attractive markets and we are delighted to become part of this dynamic community."The purchase is Maryland-based First Washington's first acquisition in the Dallas area.Other retail tenants in the project include Starbucks, Verizon and Banfield Pet Hospital.The shopping center is located on the corner of Walnut Hill Lane and Skillman Street in the 70-acre Lake Highlands Town Center development.Started in 2007, the mixed-use project includes more than 400 apartments plus townhouses.The development replaced a neighborhood of old apartments stretching along the east side of Skillman and it adjoins a DART commuter rail station.First Washington Realty which bought the shopping center has ownership in 95 retail properties valued at almost $5 billion in 22 states.The company has offices in Dallas, Kansas City and San Diego.  Continue reading...

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