Henry S Miller's $110M Retail Sales; What's Next?
Henry S. Miller Cos has two shopping centers gearing up for repositioning, another center under contract and offers on several others. Those are just some of the reasons we’re excited to have Henry S. Miller EVP Mark O’Briant speaking at Bisnow’s DFW Retail event on Oct. 13 starting at 7:30am at the Dallas Marriott City Center.
Mark says HSM has raised new capital (selling 49% ownership interest in the two North Dallas shopping centers to a private family trust) and is about to start on renovations and repositioning the 281k SF Market at Pepper Square and the 95k SF Central Forest Shopping Center. Pepper Square is enhanced with its new lease to Trader Joe's along with several other new tenants, Mark tells us.
Mark tells us HSM has taken advantage of the low cap rates and has sold nine properties over the past two years with a consolidated price of about $110M. Among the properties sold are the 150k SF Little Elm Town Crossing (pictured, which HSM developed from the ground up) and the 95k SF Preston Trail Plaza. Mark says the move takes advantage of the market and now HSM has cash reserves ready to deploy into new investments. The plan is to add more talent to the team and focus on acquisitions.