Redeveloped retail center in prime Dallas location changes hands

DALLAS, Apr. 25, 2024 – JLL Capital Markets announced today that it has closed the sale of Muse Shops at Midtown, a 112,162-square-foot, recently redeveloped, value-add retail center located in Dallas, Texas.

JLL represented the seller in the transaction.

Built in 1999 and renovated in 2022, the 58-percent-leased, four-building Muse Shops at Midtown features a WALT 8.7 years and is leased to a wide variety of tenants, including Starbucks, Land Design, United Real Estate, Natuzzi Editions and more. The property offers the accretive opportunity to add value through the additional lease-up of over 14,000 square feet of retail space. In addition, the center has demonstrated positive leasing momentum with over 70,000 square feet of new leases signed in the last 12 months.

Located at 5203-5233 Alpha Road, Muse Shops at Midtown sits within a thriving, urban mixed-use environment in North Dallas. The center is adjacent to both a recently delivered, 289-unit multi-housing property, as well as the Galleria Dallas Mall, a 1.5-million-square-foot regional shopping mall that attracts over 7.4 million visits annually. The property is ideally situated at the confluence of the Dallas North Tollway and I-635, which sees over 540,000 vehicles per day and serves as DFW’s busiest intersection. This strategic location provides visitors direct access to the most affluent Dallas neighborhoods, including Preston Hollow, Prestonwood, Preston Trail, Willow Bend and Bent Tree, and offers seamless connectivity to the greater DFW metroplex. In addition, within a five-mile radius of the center is a daytime population of 533,924 and a consumer spending power of $20.2 billion.

The JLL Retail Capital Markets Investment Sales Advisory was led by Senior Managing Director Adam Howells, Director Erin Lazarus, Associate Megan Babovec and Analyst Keenan Ryan.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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