Dallas-based Bellomy Capital LLC has acquired Uptown Plaza in a deal that closed last week.
The family-owned investment firm closed the purchase on January 15 from seller AmREIT, which has owned the property on McKinney Ave. since 2006. In a January 16 announcement, the firm said it acquired the prominent shopping center out of a “desire to shepherd assets important to the city,” per Dallas Business Journal.
While the terms of the deal were not disclosed, the 34,250-square-foot shopping center was most recently valued at $21.5 million for tax purposes.
Uptown Plaza recently made headlines with the closing of its longtime tenant, Morton’s The Steakhouse. According to a spokesperson for Bellomy, the complex is currently 64% leased, with tenants that include Wells Fargo and Potbelly Sandwich Shop.
Bellomy Capital, founded in 2014 as the investment arm of the Bellomy family of businesses, was represented by Stream Realty Partners in the transaction arranged by Jonathan Carrier of JLL. Bellomy said it will initially focus on “supporting current tenants and understanding the needs of the surrounding community.”
“We have no immediate plans for Uptown Plaza other than to be the best landlord to our tenants that we can be… As for long-term objectives, we intend to take a thoughtful and measured approach, ensuring the property’s future aligns with the highest and best use for the neighborhood and for Dallas,” Managing Partner Ryan Bellomy said in a statement.
Bellomy Capital says Uptown Plaza is one of the remaining underdeveloped properties in the neighborhood. Sean Bellomy, Managing Partner with the firm, said Bellomy aims to “engage with those who have a deeper understanding of the area and its needs before we make any meaningful decisions on what might come next for that site.”
He said the firm also “want to ensure any new development that comes to this location fits the needs of the area.”