Dallas-based Stockdale Investment Group has purchased Preston Forest Shopping Center from Mixon Investment Company.
Stockdale has recently focused on high-value real estate locations throughout Dallas, including The Shops at Highland Park and Knox Promenade.
With 200,000 square feet of retail spanned across approximately 13 acres, the shopping center is home to more than 23 tenants, including anchor tenant Whole Foods and other notable tenants such as Staples, Walgreens, JOANN Fabric and Crafts, Corner Bakery, Velvet Taco, and Wells Fargo.
The shopping center is currently more than 95 percent leased. Stockdale will own, manage, and lease the property.
According to the Central Appraisal District, the parcels that make up the property were last assessed together for nearly $37 million.
“Stockdale is honored to own this legacy property, and we are excited to preserve and enhance this valuable part of Preston Hollow,” said Kenneth Pratt, managing partner at Stockdale Investment Group. “We were attracted to the area’s incredible growth and longevity and look forward to being part of the neighborhood for many years to come.”
In 1961, the Preston Forest Shopping Center was developed by the Mixon family. The property has solely belonged to the Mixon family since its inception, and, after three generations, the family decided to sell the shopping center in late 2019.
“We have been following this property for a decade because of its significance as a notable Dallas retail intersection,” said Joe Pastora, managing partner at Stockdale Investment Group. “It perfectly matches our core strategy of purchasing legacy properties in irreplaceable locations.”