Located in the Oak Cliff neighborhood south of Dallas’ Central Business District, Sierra Vista Plaza is anchored by Fiesta Mart, a rapidly-expanding grocer with more than 60 stores in Texas, and features national retailers including Marshalls, Melrose, Footlocker, Footlocker Kids, Applebee’s, Bank of America, Payless Shoe Store, Cici’s Pizza, and Gamestop, along with a variety of local service-oriented tenants. Since it was acquired in 2011, the retail center is currently 100% leased and fully stabilized.
“Sierra Vista Plaza is an excellent example of our ability to identify well-located urban enclaves poised for rapid growth, and our ability to execute our value-add business plan seamlessly along with our partner,” said James Simmons, Partner in Ares Management’s Real Estate Group.
This transaction marks another successful realization in Ares’ Domestic Emerging Markets strategy, which incorporates the rehabilitation, revitalization and repositioning of properties in emerging urban communities across the U.S.
Chris Cozby and Chris Gerard with CBRE in Dallas represented the seller, Ares Management, L.P. and Benchmark Opportunity Partners, LLC, in the transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $97 billion of assets under management as of September 30, 2016 and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com.
About Benchmark Opportunity Partners, LLC
Benchmark specializes in the ownership, operation, acquisition, and development of neighborhood and community shopping centers. Since 1980, the company has owned and operated more than five million square feet of neighborhood and community shopping center properties throughout the continental United States, from Miami, Florida to Seattle, Washington. The company is headquartered in Dallas. For more information, please visit www.benchmarkop.com.
