A private real estate fund advised by Crow Holdings Capital Partners has closed on its acquisition of Preston Center Pavilion and Square in Dallas. The 230,842-square-foot shopping center sits at 8335 Westchester Drive, situated between Northwest Highway, Preston Road, and the Dallas North Tollway in the much-desired Preston Center submarket.
Tenants in the complex include Gold’s Gym, Marshalls, DSW Shoe Warehouse, Office Depot, Pei Wei, and Chipotle.
The sale of the retail property was put together by the HFF team of Barry Brown, Jim Batjer, Doug Hazelbaker, and Ryan Shore. The deal involved the assumption of the existing CMBS mortgage.
The seller, Ladera Ranch, Calif.-based US Commercial LLC, sponsors tenant-in-common real estate investment programs. The buyer, Crow Holdings Capital Partners, manages real estate private equity funds. According to HFF, these funds have had total equity commitments from partners of about $4.1 billion, $675 million of which was committed by Crow Family Holdings.