Deep Ellum to see fresh investment as new owner looks for more propertiesJuly 12, 2017
The biggest new property owner in Dallas' popular Deep Ellum district plans to bring new retail tenants and invest more money in the neighborhood.
The investor is also shopping for more Dallas buys.
North Carolina-based Asana Partners just purchased 28 buildings and eight parking lots along Elm, Main, Commerce and Canton streets on downtown Dallas' near east side.
The Charlotte-based retail real estate firm bought the high-profile properties from Dallas' 42 Deep Ellum LP that had owned the storefronts and land since 2012. The firm is already working on plans for the property.
"We are excited to be part of Deep Ellum and look forward to adding value here through specialized retailers and strategic capital investment," Terry Brown, managing partner of Asana Partners, said in a prepared statement.
Some of the buildings Asana acquired are leased to some of Deep Ellum's most popular businesses, including Pecan Lodge, BrainDead Brewing, High & Tight and Dot's Hop House & Cocktail Courtyard.
Some of the other properties have not been redeveloped, and some are seeking new restaurant, entertainment and retail tenants.
Previous owner 42 Deep Ellum — headed by Dallas real estate investor Scott Rohrman — acquired more than 50 properties in the area and had begun renovating and redeveloping the buildings.
42 Deep Ellum still owns multiple properties in the district.
The 2-year-old Asana Partners bought the Deep Ellum real estate with the help of a $500 million investment fund it announced early this year to make strategic purchases.
The firm has already invested in deals in Atlanta, Nashville and Charlotte.
"The Deep Ellum acquisition is an excellent addition to Asana's portfolio of urban shopping and dining destinations that are closely connected to their neighborhoods," managing partner Sam Judd said. "While this is our first investment in Dallas, we anticipate making additional meaningful commitments to the city over time."
Originally a commercial and industrial district on the edge of downtown, Deep Ellum has gone through several revitalizations starting in the 1980s.
The area is now seeing another revival with new nightspots, restaurants, shops and apartments.
"This change in ownership is a big step forward and adds credibility to the continued growth and change for the Deep Ellum neighborhood," said John Crawford, with the economic development group Downtown Dallas Inc.
SOURCE: The Dallas News, Steve Brown