The Richardson Heights Shopping Center has new ownership after Oklahoma-based JAH Realty purchased the site for $40.5 million from Silver Star Properties.

The purchase was completed June 28, according to a news release from JAH Realty.

“I can’t think of a better group that this entire asset will be placed with as they go forward,” said Gerald Haddock, CEO and executive chairperson of the executive committee.

The gist

The sale is part of a larger strategy by Silver Star Properties to sell off legacy assets as the company shifts its strategy to self-storage and single-tenant retail spaces, per a news release from Silver Star Properties.

The 201,433-square-foot Richardson Heights Shopping Center includes Half Price Books, T.J. Maxx and Alamo Drafthouse. The Alamo Drafthouse location closed as part of Chapter 7 bankruptcy filings by the former franchisees.

However, there are plans to reopen the theater after the chain was acquired by Sony Pictures Entertainment.

Digging deeper

JAH Realty plans to begin marketing around 30,000 square feet in the middle of the shopping center, which is vacant, per the company’s news release. There are also plans to renovate the Richardson Heights Shopping Center.

“JAH has multiple other properties within a few miles of this intersection, and we are confident about the long-term ownership and potential of Richardson Heights,” said Graham Irvine, managing director at JAH.

The acquisition of the shopping center includes an assumption for the leases in place for tenants, per the Silver Star news release. Haddock said the lease for Alamo Drafthouse is more than 10 years.

What’s next?

According to the JAH Realty news release, the company plans to share elevations for planned renovations and a construction timeline later this year.