Majority stake in the Arlington Highlands sold to Boston-led equity group
The developers of the highly popular Arlington Highlands shopping center has sold a majority ownership stake in the center to a partnership led by Boston-based AEW Capital Management, a real estate investment management firm, and Chicago-based M&J Wilkow real estate company.
The new owners said they provided joint venture equity, assumed the existing debt and formed a new partnership with the developers and existing owners, The Retail Connection and Cheney Mathes Properties. AEW and M&J Wilkow become majority stakeholders and The Retail Connection and Cheney Mathes become minority stakeholders in the 80-acre shopping center.
Arlington Highlands, a nearly 750,000-square-foot town center style shopping center, opened in 2006 and was largely completed in 2007. Today, it has more than 75 tenants and is said to be about 95 percent leased. It’s located on the north side of Interstate 20 and east of Matlock Road in south Arlington, land once owned by the Mathes family.
The deal closed in late December. Terms of the deal were not disclosed.
"We are pleased to be a major stakeholder and partner in this exceptional project, which has a diverse base of high-quality national tenants, a carefully crafted site plan, high-quality construction, and is a family-oriented center with a true sense of place," said George Fryer, an AEW director, in a statement. "The recapitalization will allow the ownership to continue to enhance the existing shopping center and provide additional capital for future improvements."
_ Sandra Baker