Month: December 2024

ADDISON, Texas (Dec. 12, 2024) — Younger Partners Executive Vice President Ben McCutchin and Consultant Sam Kartalis brokered the sale of the eight-acre former Midway Square Shopping Center, at 14833 Midway Road in Addison to AMLI Residential. Located within the 79-acre Midway South neighborhood, the aging center was earmarked for redevelopment and now will become a key addition to AMLI’s highly anticipated AMLI Treehouse mixed-use development. McCutchin and Kartalis represented both the seller, VVI, Inc. and the buyer, AMLI Residential.

McCutchin has close ties to the property as this was an integral component of the 150-acre homestead that his mother purchased some 60 years ago when it was farmland. Over the years, the McCutchin family selectively developed the 150-acre farm into various successful projects, which included the Midway Square Shopping Center.

First developed in the early 1980s, the Midway Square Shopping Center served as a local destination with several well-known restaurants including the Midway Point and Jaxx Steakhouse, among others. Since 2020, the Midway Square Shopping Center grew increasingly difficult to maintain.

“This was one of the last large-acre, single-owner development sites on Midway between LBJ and Belt Line,” McCutchin said. “The shopping center was aging and would have required millions of dollars to bring it up to date. The ownership decided it was best to put it on the market and felt that it could fit in well with AMLI’s existing development next door.”

Kartalis noted that this property attracted multiple premier multifamily developers interested in its acquisition. “We went with AMLI because of its excellent reputation within the Town of Addison and its proposal to create a truly mixed-use development, a requirement of the Midway South neighborhood overlay.”

“Soon, AMLI will commence demolition of the 40-plus-year-old structures and incorporate the site into its AMLI Treehouse development south of the site, which broke ground about a year ago and will now extend up to Beltway Road,” Kartalis said.

“AMLI’s experience with its existing AMLI Addison apartment community and AMLI Treehouse mixed-use development is visible evidence of its ability to create something iconic on this property to the satisfaction of the neighborhood and the Town,” he added.

AMLI Treehouse is slated for its first resident move-ins in the first half of 2026 and completion by the middle of 2027. Once complete, the overall community will include 570 luxury apartments, 30 luxury rental townhomes, 56 for-sale townhomes, 3.7 acres of green space and 12,500 square feet of stand-alone retail. The retail is actively being marketed by Thomas Glendenning with SHOP Companies.

“Special thanks to Ben and Sam for entrusting AMLI to honor the McCutchin legacy through a continuation of our existing AMLI Treehouse development. Redevelopment of Midway Square unlocks numerous community benefits and completes the Town’s vision for the burgeoning Midway South neighborhood. The mixed-use community will offer plentiful green space, desirable destination retail and outstanding housing choices,” said Robert Lapp, AMLI Development Co. Vice President.

“This will be a high-end project that really benefits the Town of Addison,” McCutchin said. “My family would be pleased with the legacy of what is happening on the land.”

About AMLI Residential

A 2023 USGBC LEED Homes Awards Outstanding Developer and Power Builder and a 2023 EPA ENERGY STAR PARTNER of the Year, AMLI Residential focuses on the development, acquisition and management of environmentally responsible apartment communities throughout the U.S. Founded in 1980, AMLI is owned by PRIME Property Fund, a core commingled institutional fund. AMLI owns and manages 78 apartment communities, including approximately 25,600 apartment homes, and has over 3,100 additional apartment homes under development at seven new communities. AMLI is a leader in multifamily sustainability. Forty-nine AMLI communities are LEED®-certified and 47 communities are ENERGY STAR®-certified. For more information, visit  AMLI.com.

LAKE HIGHLANDS, Texas (Dec. 10, 2024)— Younger Partners Senior Vice President Michael Ytem and Associate Luke Nolan successfully brokered an off-market sale of a vacant 11,200 square feet CVS at 10666 E Northwest Highway in the Old Lake Highlands area in Northeast Dallas for an out-of-the-ordinary adaptive reuse project.

Younger Partners brokered the deal between the seller, Sierra Properties, and the buyer, Victron Energy Inc. Vice President Mohamed Sharaf.

“When CVS did not renew its lease, I recognized there was an incredible opportunity to leverage the existing building that was soon to go dark,” Ytem said. “I brought in a buyer that saw the potential in an adaptive reuse play, transforming the empty CVS into a state-of-the-art carwash facility.”

“Pharmacy brands like CVS continue to reevaluate their real estate strategies, driven by oversaturation and a shift to smaller, more efficient formats. This trend has made larger stores increasingly obsolete, opening the door for groups to repurpose highly sought-after real estate,” Nolan said.

This site, on 1.15 acres on the hard corner of E. Northwest Highway and Plano Road, is a major intersection, heavily trafficked for morning and evening commuters, Ytem added. “Establishing a carwash site fills a major void between 635 and 75.”

“I was looking to repurpose the building after CVS closed. Michael Ytem and his team were able to locate numerous potential buyers and tenants in a timely fashion. They followed up every step of the way and their detail-oriented approach made this process seamless,” said Sierra Properties Owner John Kenny.

Sharaf added that the site’s location is in a key urban market on a busy corner which is one of the main attributes that makes the property so attractive.

“Breathing life back into an abandoned site provides a unique opportunity to be creative as we need to find a way to cut entrances, windows, fit equipment, tear out the mezzanine, change the grading and flooring to accommodate vehicular instead of pedestrian traffic,” he said.

Wash Masters is owned by Victron Energy and was started by Ali Sharaf in 2004 when the first location opened in Irving. Securing this deal in the company’s 20^th year means a lot to Mohamed Sharaf.

“We recently became the largest car wash chain in the DFW area and are excited to open our second location in Dallas proper,” he said.

Lake Highlands boasts a population of 99,360 and is primarily a residential community. The addition of a new car wash facility demonstrates the area’s commitment to accommodating new residents as the area continues to boom.

“As a Lake Highlands resident, I was personally vested in bringing positive change to a premier corner with much-needed services,” Ytem said. “This is the second deal we’ve brokered for John at that intersection.”