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Bellomy Purchases Uptown Plaza
Bellomy Capital purchased Uptown Plaza on McKinney Avenue in Dallas. The seller was AmREIT, which had acquired the center in 2006. AmREIT has since been purchased by Edens.
The Dallas Business Journal reports the 34,250-square-foot shopping center at 2222 McKinney Ave. was most recently valued for tax purposes at $21.5 million.
The shopping center is currently 64% leased by tenants, including Wells Fargo and Potbelly Sandwich Shop. However, it recently lost Morton’s Steak House as a tenant, and it’s not clear what will happen to the Morton’s space. Stream Realty Partners represented Bellomy Capital in the deal, and Jonathan Carrier of JLL arranged the transaction.
Bellomy Capital, founded in 2014, is the investment arm of the Bellomy family of businesses. The investment firm first bought into Uptown about 15 months ago with the purchase of the building that houses restaurant S&D Oyster Company, up McKinney a bit from Uptown Plaza.
Stream will manage the shopping center and Thomas Glendenning of SHOP Cos. will handle leasing.
- ◦Sale/Acquisition
