Bellomy Capital acquires Uptown Plaza shopping center, looking to fill vacant space left by Morton's The Steakhouse.
A Dallas investment firm has acquired another prime piece of Uptown real estate : Uptown Plaza, a shopping center located at 2222 McKinney Ave. The deal, finalized on January 15th, saw Bellomy Capital take ownership of the property.
While the financial details of the transaction remain undisclosed, Ryan Bellomy, a partner at Bellomy Capital, highlighted the firm's initial priority – supporting existing tenants and addressing the vacancy left by the departure of a significant tenant, Morton's The Steakhouse. Morton's, a Dallas institution with a rich history dating back to 1987, held a prominent space at Uptown Plaza for 24 years. Bellomy described Morton's exit as a surprise, emphasizing that the restaurant had over a year remaining on its lease. Currently, Uptown Plaza boasts a 64% occupancy rate, with tenants such as Wells Fargo and Potbelly Sandwich Shop. Bellomy Capital is actively pursuing strategies to fill the void left by Morton's, with several interested parties already expressing their intentions to occupy the space. Bellomy Capital's long-term vision for Uptown Plaza remains under development. They are particularly drawn to the property's strategic location in close proximity to The Crescent and the Ritz Carlton hotel. Their approach involves a hands-off strategy, aiming to observe the neighborhood's evolving needs and preferences to determine the optimal future use for the site. Bellomy Capital plans to retain ownership for the foreseeable future and is open to collaborating with partners who possess compelling development plans. The firm views Uptown Plaza as a long-term investment, believing its prime location holds immense potential. Stream Realty Partners represented Bellomy Capital in the acquisition, while Jonathan Carrier of JLL facilitated the transaction. The seller, AmREIT, has relinquished ownership to Bellomy Capital, which has partnered with Stream Realty Partners for property management. Thomas Glendenning of SHOP Companies will oversee leasing operations
UPTOWN DALLAS SHOPPING CENTER BELLOMY CAPITAL MORTONS THE STEAKHOUSE REAL ESTATE TRANSACTION LEASING
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