Allan Bailey Johnson Completes Largest Opportunity Zone Deal in Dallas
admin / September 10, 2020
ABJ Chosen to Represent Dallas Housing Authority (DHA) Housing Solutions for North Texas in Sale of Lakewest Shopping Center.
Challenge
Allan Bailey Johnson (ABJ) was chosen by the Housing Authority of the City of Dallas to represent them in the disposition of selected assets. While there are a number of properties, ABJ was engaged to handle the sale of Lakewest Shopping Center. The property is a 155,000 square foot shopping center that sits on 14 acres in West Dallas. The seven-building property is located at Hampton Road and Singleton Boulevard as sits in an Opportunity Zone.
Despite have strong tenant leases, the anchor was not renewing their lease. This would have the potential to lessen the overall value of the potential deal.
ABJ Actions
ABJ has a strong foundation of working on deals from both the seller and the tenant perspective. ABJ looked at the overall shopping center portfolio and began to position it in a positive aspect for potential buyers. First, the center located in West Dallas is just a blocks away from the booming Trinity Grove area, a thriving retail, restaurant and artist district slated for further development. Secondly, as a long-time resident of southern Dallas, John Bailey, CEO of Allan Bailey Johnson educated himself and the community, as well as Opportunity Zones.
“As a life-long resident of southern Dallas and proud member of the community in which DHA serves, this was especially gratifying to me for ABJ to represent DHA in this sale,” said John Bailey, president and CEO of the Allan Bailey Johnson, LLC. “We truly value establishing long- term, mutually beneficial relationships with our clients and strive to develop strategic solutions to make their disposition, leasing and acquisitions easier. We look forward to many more meaningful and successful transactions with DHA ,” said Bailey.
Results
ABJ completed the sale of the historic shopping center for the original price. It was the largest Opportunity Zone sale in Dallas since the legislature was passed in 2017. The center was purchased by DuWest Realty represented by Corey Duhan and Jordan Cluff.
DHA will be investing the proceeds from this transaction to continue providing quality affordable housing and access to supportive resources across North Texas.
Tim Lott, vice president of Capital Programs for DHA said, “Working with the Allan Bailey Johnson over the last year to sell the Lakewest Shopping Center has been a positive experience. John has shown his dedication to his craft and his clients through his tenacity in getting the deal done. This was the beginning of a long and fruitful relationship.”
