Investor Bill Hutchinson’s firm buys a major shopping center in Rockwall
As appeared in the Dallas Morning News
The fully leased retail property is on Interstate 30 east of Lake Ray Hubbard.
A major shopping center in Rockwall has been acquired by a Dallas investment firm headed by BillHutchinson. The almost 212,000-square-foot Rockwall Market Center is on Interstate 30 east of Lake Ray Hubbard.The more than 21-acre retail center is fully leased and was built in 1999.
Tenants in the high-profile property includeMichaels, Office Depot, Old Navy, Petco and Ross.
The shopping center was purchased by Dunhill Partners, which Hutchinson heads as chief executive.Terms of the sale were not disclosed. The property was marketed for sale by Jones Lang LaSalle.
The retail center was previously owned by a partnership that included Dunhill.
“Rockwall Market Center is an exceptional property with high-quality tenants, extremely high visibilityalong the I-30 corridor, and significant barriers for new development,” Hutchinson said in a statement.“There’s a reason why tenants establish deep roots in our center. They’ve benefited from the consistentlyhigh growth of the Rockwall market over the last decade, which gives us high confidence in the stability and future expansion of this market.”
Dunhill and Hutchinson are credited with transforming the area across Interstate 35E from American Airlines Center into a vibrant neighborhood known as Dallas’ Design District. The firm has since sold many of its properties.
In December, the investor purchased a large retail center in Victoria in South Texas.
The Rockwall Market Center is the latest of several North Texas shopping centers to change hands recently.
In June, the 140,218-square-foot Independence Square retail center at Independence Parkway and Parker Road in Plano was sold. A California-based property firm just purchased the Northview Plaza in northeast Dallas. And the more than 450,000-square-foot MacArthur Park retail center in Las Colinas changed ownership with a major new investor.
Demand for retail real estate has increased this year with more than $940 million in properties changinghands. Only 5.5% of Dallas-Fort Worth retail space was empty at midyear.