Local real estate developer Stockdale Investment Group acquired the Preston Forest Shopping Center from Mixon Investment Company.
The shopping center, which features 200,000 square feet of retail space, is at the southeast corner of Preston and Forest. Stockdale Investment Group has focused on real estate locations throughout Dallas, including retail properties in Preston Center, Knox-Henderson, Uptown, the Design District, and Highland Park in recent years.
“Stockdale is honored to own this legacy property and we are excited to preserve and enhance this valuable part of Preston Hollow,” Stockdale Investment Group managing partner Kenneth Pratt said. “We were attracted to the area’s incredible growth and longevity and look forward to being part of the neighborhood for many years to come.”
The Preston Forest Shopping Center was developed by the Mixon family in 1961 and belonged to the family since its inception until they decided to sell it in late 2019.
“We have been following this property for a decade because of its significance as a notable Dallas retail intersection,” said Joe Pastora, managing partner at Stockdale Investment Group. “It perfectly matches our core strategy of purchasing legacy properties in irreplaceable locations.”
The shopping center’s tenants include Whole Foods, Staples, Walgreen’s, JOANN Fabric and Crafts, Corner Bakery, Velvet Taco, Wells Fargo, and more, and it’s more than 95% leased.
Stockdale Investment Group is reportedly in the process of evaluating the space and building rapport with tenants.
(Note: This story has been updated)