High-profile North Dallas shopping center goes to North Carolina investor

A North Carolina-based property company that’s made some strategic purchases in Dallas has made another major buy.

Asana Partners has acquired The Hill, a mixed-use retail center at the northeast corner of North Central Expressway and Walnut Hill Lane.

The 200,000-square-foot shopping center has tenants including Snooze, Tacodeli, Clean Juice and Camp.

Asana Partners bought the high-traffic corner from a local real estate partnership that had been redeveloping the retail center since 2016.

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The new owners plan to upgrade the existing buildings and outdoor spaces while launching a new marketing plan for the center.

“Investing immediately in renovations to the courtyard and existing buildings will position The Hill to attract high-quality retailers and creative office tenants that complement the current tenant mix,” Brad Kantrowitz of Asana Partners said in a statement. “Long term, we will explore densification opportunities with the goal of creating a unique mixed-use community with a full range of amenities.”

Jones Lang LaSalle brokered The Hill’s sale.

Built in 1977, the almost 20-acre property was originally called the Corner Shopping Center. It’s across the street from DART’s Walnut Hill/Presbyterian Hospital commuter rail station.

“This investment deepens our commitment to Dallas and expands our portfolio of neighborhood mixed-use properties in dynamic locations,” said Brian Purcell, managing director at Asana Partners.

In 2017, the Charlotte-based investor bought more than three dozen properties in the Deep Ellum, making it the largest owner in the district just east of downtown.

And in 2019, Asana Partners purchased more than 400,000 square feet of retail and office space in Dallas’ Victory Park.

Asana Partners owns properties across the country, including real estate in Austin and Houston. The company has a track record of more than $2 billion of neighborhood mixed-use and retail redevelopments and developments.