PegasusAblon Purchases The Harbor in Rockwall, TX

the-harbor

January 5th, 2017 by Jessica MacDonald

Rockwall, TX – January 5, 2017 – PegasusAblon has completed the purchase of The Harbor, a 130,000 SF dining and retail lakefront park property. This center is recognizable by its tremendous visibility from the I-30 bridge over Lake Ray Hubbard. It is situated between the hills of Rockwall and the lakefront park on the water’s edge, surrounded by the newly upgraded Hilton Hotel.

“The Harbor is one of the few outstanding lakefront properties within a quick 30 minute drive from most of DFW. It has sunset dining, a public waterfront amphitheater with the Rockwall summer concert series, fountains, and a public tie up boat marina. We intend to infuse life and activity into this outstanding Rockwall centerpiece on Lake Ray Hubbard,” said PegasusAblon principal Michael Ablon. “For PegasusAblon, the acquisition of this project sits at the heart of its focus on experience economy-based real estate; creating, developing and owning real estate that caters to tenants who are delivering products to their customers that cannot be purchased on the internet – where the experience is the product.”

The Harbor is over 80% leased and includes entertainment, shopping and dining tenants. The property’s unique location on the shore of Lake Ray Hubbard provides for a prime shopping destination and cultural and entertainment experience.

“This is an outstanding restaurant and retail property, and with the hands-on ownership and capital improvements that are coming, we expect to bring great new tenants to the Harbor property before summertime,” said Jim Ziegler, Managing Director of Retail Investments. “We are pleased to have Cinemark, Gloria’s Restaurant, and a depth of current tenants to work with moving forward.”

Read more from the Dallas Morning News

PegasusAblon plans extensive property renovations and improvements over the next twelve months to create an all-inclusive lifestyle destination. These renovations will demonstrate the core values of PegasusAblon properties and the philosophy of layering which focuses on supporting the “Generation Connected” by creating experiential interactivity between evolving culture and classical building infrastructure. All PegasusAblon projects hold the common denominator of a “Third Room,” or an urban space. Whether pre-existing or created as part of the development projects, this urban room adds city fabric components and street life to its buildings.

The property will be leased by Steve Ewing and Edge Realty and managed by CBRE.

The seller was represented by SHOP Companies Investment Sales team led by Tommy Tucker and Tim Axilrod and the buyer was assisted in the debt sourcing by Randy Fleischer of JLL.

For more information about PegasusAblon and the Harbor, please contact Jessica MacDonald, jmacdonald@pegasusablon.com.