February 3, 2016
Published on 04 June 2015
A high-profile northeast Dallas property is being pitched to tenants for a big new shopping center.
The more than 13-acre former Steakley Chevrolet site on Northwest Highway east of North Central Expressway has been acquired by Houston-based developer Ainbinder Co.
The new owners plan to build a major retail complex on the land, which stretches from near Skillman Street to Abrams Road.
“It’s great real estate, and we’ve done lots of redevelopment of close-in properties in Houston,” said developer Michael Ainbinder. “When we had the opportunity to purchase a former car dealership in central Dallas, our antenna went up.”
AutoNation moved its car sales operations off the property about seven years ago. Since then, the owner of the property—-an East Coast investor— has been renting the facility out to tenants, including a furniture retailer.
Dallas real estate broker Brian Glaser of Glaser Retail Partners brought the deal to Ainbinder.
“For about 18 months, we’ve been marketing the property,” said Glaser, who brokered the sale along with Marc Marrocco. “It required a sophisticated developer that was willing to work with the seller.”
“This sounded just like a property Ainbinder Co. just developed in Houston.”
Ainbinder said his firm has already redeveloped a couple of former auto retail locations at home in Houston.
“Lots of auto dealerships that have been there a long time are relocating to freeway locations,” he said.
The company plans to call the retail project High Point Center. Initial plans call for between 160,000 and 170,000 square feet of multiple store space.
“We are in the process of figuring out what we are going to do exactly,” Ainbinder said.
Construction won’t start until next year at the earliest, he said.
Several major retailers including Costco have reportedly looked at the site in the past.
Glaser said there have been no leases signed for the new shopping center, but some potential tenants have been approached.
“We are focusing our marketing effort on big-box retailers and junior anchors,” he said. “Where else can you find property like this in Dallas that is ready to develop?”
“You are talking about an intersection with 100,000 cars a day.”
The development site is right across the street from the Target and Kohl’s stores in Medallion Center. and it’s near the J.C. Penny, Wal-Mart and Sam’s Club at Timber Creek Shopping Center.
Ainbinder Co. has been in business since 1995 and has done extensive work in the Houston area. The company has also developed in Austin and Louisiana, and it did a North Texas shopping center in Grapevine more than 10 years ago.
“We have found ourselves priced out of the market for close-in retail sites in Houston,” Ainbinder said. “We’ll be happy if this leads to other opportunities in Dallas.”