Real estate developer Stockdale Investment Group acquired a corner property in Preston Center.
Stockdale Investment Group bought the 15,000-square-foot retail space.
The space is located on Northwest Highway in the busy retail hub. It’s anchored by a 4,000-square-foot Verizon store alongside Ticket Finders and Preston Center Animal Clinic, and consists of seven total tenants.
“Stockdale is honored to own this property, and we are looking forward to witness continued growth as a part of Preston Center,” said Kenneth Pratt, managing partner at Stockdale Investment Group. “We’re eager to be a part of a retail center with such an extensive Dallas history.”
Stockdale purchased the property from the Lobello family who rose to real estate and development power in the 1950s when Sam Lobello became one of the original landowners and builders of Preston Center.
“We have had our eye on this property because of its legacy location within one of Dallas’ most premier retail centers,” said Joe Pastora, managing partner at Stockdale Investment Group. “This acquisition reflects our core strategy of purchasing legacy properties in irreplaceable locations.”
The Lobello family was represented by Taylor LeMaster and Mike Cagle with Inroads Realty, while Alex Johnson with Stockdale Investment Group represented the purchaser.
Stockdale will own, manage and lease the property and plans to continue to operate the retail center as is.
Stockdale acquired the Preston Forest shopping center last year, which features 200,000 square feet of retail space, is at the southeast corner of Preston and Forest.
The developer also owns the Shops of Highland Park, as well as retail properties in the Knox Street district and along Lovers Lane, the Dallas Morning News reports.