Austin-based Endeavor Real Estate Group has entered the Dallas mixed-use market with its acquisition of Preston Sherry Plaza, a 165,000-square-foot property located at 8201 Preston Road. The transaction was an off-market deal and marks Endeavor’s first mixed-use property in Dallas.
The building includes two floors of retail and five floors of office space. Tenants include Hilltop Securities, Frost Bank, plastic surgeons, dermatologists, and Sevy’s Grill on the ground floor. The property was built in 1986 and renovated earlier this year. It is currently 93 percent leased. JLL managed the financing for the purchase and will oversee leasing activities. Four River Capital, based in Dallas, is a partner in the acquisition.
Preston Sherry Plaza was last valued at $63 million by the Dallas Central Appraisal District. Its previous owner was Seattle-based Unico Properties.
Endeavor Real Estate Group controls $5.6 billion in assets and is known for major Austin developments such as The Domain and Southpark Meadows. Recently, Endeavor hired Andrew Levy from JLL to manage capital markets and brought on Zach Johnston to expand its multifamily business in North Texas. The company is also developing Morado on Berry, a 780-unit student housing project near Texas Christian University with Robert A.M. Stern Architects.
The purchase aligns with Endeavor’s strategy focused on growth across Sun Belt markets through targeted improvements aimed at enhancing tenant experience within high-value areas of Dallas. Preston Hollow’s location near Southern Methodist University, Love Field Airport, and Preston Center adds to its appeal despite broader challenges facing the Dallas office sector.
Rents for upscale retail space in Preston Hollow range from $50 to $61 per square foot according to CoStar data (https://www.costar.com/), among the highest rates found within Dallas submarkets.
