Improvements planned for this shopping center near Southlake-Keller border
The Southlake Marketplace is getting a new look and some new offerings after a real estate equity firm and a developer formed a partnership to purchase and revamp the 132,000-square foot center near the Southlake-Keller border.
David Gregory, principal and cofounder of Grapevine-based 2GR Equity, said the real estate investment firm and Dallas-based Shop Development are partners in a joint venture to revamp the 1990s-era shopping center at the corner of Davis and Southlake boulevards.
“We’ve got some big plans to freshen up Southlake Marketplace,” he said.
The retail center is also attractive for “upscale” shopping because the average household income within three miles is $225,000, Gregory said.
The center is 92% leased with Hobby Lobby and Urban Air as anchor tenants, but Urban Air isn’t part of the joint venture because it is corporate owned, he said.
Gregory said there are also for two additional sites on Southlake Boulevard that will likely have restaurants. There are no details on which restaurants are being considered.
Work will start this summer when all of the buildings will get fresh paint, and the other improvements should also start in the next one to two years.
“I was born and raised in Southlake. I live a few miles from this property. We’re excited to see it get transformed,” he said.
Shop Development and 2GR also worked together on the Hillcrest Village shopping center in north Dallas, which was 39 % occupied. It’s now 93% leased with tennants such as Cane Rosso, Starbucks, Haystack Burgers, Kids Empire, and Brass Tap.