Lionstone Group and PegasusAblon Acquire Galleria North Retail Center

February 24th, 2014 by Jennifer Smart

PegasusAblon announced today that it has arranged the purchase of Galleria North on behalf of the buyer, the Lionstone Group. Located at 5203 – 5229 Alpha Road in the Far North Dallas submarket, the 93,987 square foot retail center is currently 100% leased.

The property is located adjacent to Galleria Dallas and minutes away from affluent surrounding neighborhoods along the Dallas North Tollway, Preston Road and LBJ Freeway. Additionally the property is surrounded by over thirteen million square feet of Class A office space creating a powerful daytime population.

Galleria North is currently occupied by an excellent tenant mix including The Container Store, Z Gallerie, Gary Riggs Home, Rug Studio, Starbucks and World Market.

“With Galleria Dallas and the strong surrounding submarket dynamics,” said Lionstone Chief Investment Officer Glenn Lowenstein, “we believe this extremely well-located retail center hasn’t yet reached its full potential.”

“We view Galleria North as an asset with strong value-add investment potential as well as long-term stability,” said Michael Ablon, Principal of PegasusAblon. “This specific location, adjacent to Galleria Dallas and along the first suburban ring of the soon to be completed LBJ Freeway, will maintain its powerful market position over the next consumer cycle.”

Adam Howells and Kevin Catalani of UCR represented the seller.

Asset management, leasing and property management services for Galleria North will be provided by PegasusAblon.

Read more from Steve Brown’s column in the Dallas Morning News.

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