A Dallas-based real estate firm headed by business mogul Bill Hutchinson is behind the recent acquisition of a North Texas shopping center.
Dunhill Partners recently purchased the Rockwall Market Center, a roughly 212,000-square-foot retail plaza situated on the Interstate 30 corridor east of Lake Ray Hubbard.
Built at the turn of the century, the more than 21-acre shopping center is a fully leased property with tenants like Office Depot, Burkes Outlets, Michaels, Old Navy, and Petco, among others.
“Rockwall Market Center is an exceptional property with high-quality tenants, extremely high visibility along the I-30 corridor, and significant barriers for new development,” said Hutchinson, according to The Dallas Morning News.
“There’s a reason why tenants establish deep roots in our center. They’ve benefited from the consistently high growth of the Rockwall market over the last decade, which gives us high confidence in the stability and future expansion of this market,” he added.
With a steady tenancy rate over 18 years, the Rockwall Market Center presented a unique investment opportunity, according to Jones Lang LaSalle (JLL), the Dallas-based commercial real estate firm behind the marketing and sale of the property.
“With direct access to Interstate 30, the Property draws over 1.5 million annual visitors, benefiting from a heavily trafficked intersection with visibility to over 103,000 vehicles per day,” JLL said in a market description of the retail center.
Not only does the property yield 82% of its income from retail tenants, but JLL notes in its description that the property is also deemed a “high-performing power center significantly below replacement cost with mark-to-market rents.”
Neither JLL nor Hutchinson chose to disclose the terms of the sale.
In 2021, Hutchinson stepped down as CEO of Dunhill Partners over sexual assault allegations. Hutchinson was brought back to head the firm in 2023 following a Dallas County grand jury’s decision not to indict him over the allegations, as previously covered by The Dallas Express.
Dunhill has made four commercial real estate acquisitions since Hutchinson’s return as CEO earlier this year, including the recent purchase of the shopping center in Rockwall, according to the DMN.
North Texas shopping centers are in hot demand right now.
A prominent Dallas shopping center off Lovers Lane has already welcomed four new tenants to the retail space in 2023, including a boutique jewelry shop that opened in the shopping center last Friday, The Dallas Express recently reported.
