One of the biggest shopping centers in northeast Tarrant County has just sold.
The Park Village shopping center on Southlake Boulevard near State Highway 114 includes more than 185,000 square feet of retail space on 19 acres.
Built in 2015, the retail center is anchored by tenants including REI, West Elm, Michael’s, Orvis and IKEA Planning Studio.
The shopping center is more than 93% leased and sold to Houston-based investor Fifth Corner. It was marketed for sale by CBRE Group.
Fifth Corner managing partner Tenel Tayar on social media described the Southlake center as “another irreplaceable corner.”
“Fifth Corner continues to actively pursue the growth of our portfolio,” Tayar said.
Founded in 2017, Fifth Corner owns a dozen shopping centers and retail properties in the Houston area, San Antonio and Fort Worth. The company typically invests in real estate valued at between $5 million and $50 million. Terms of the Southlake purchase were not disclosed.
The property had previously been owned and operated by Excel Trust Inc. in San Diego.
The purchase is the latest of several recent sales of high-profile North Texas shopping centers.
The more than 450,000-square-foot Marketplace at Highland Village in Denton County was also just acquired by a New York investor.
Almost $1.8 billion in D-FW retail properties were purchased by investors in 2023, according to estimates by MSCI Inc.