New Midway Peaks Buys Dallas Retail Center

The acquisition marks the 54th grocery-anchored shopping center for Preferred Apartment Communities’ retail division.
Midway Market. Image via Google Maps

New Midway Peaks—the retail division of Preferred Apartment Communities Inc.— has acquired Midway Market in Dallas. Denton County public records show the seller was an entity connected to Kroger Co. The acquisition marks the 54th grocery-anchored retail center in the new owner’s Sunbelt and Mid-Atlantic portfolio.   

Located at 3939 Frankford Road within a dense residential area, the 85,599-square-foot shopping center serves some 146,000 people within a 3-mile range, with an average household income of more than $98,000. Kroger anchors the 2002-built property, and is close to several other retail and dining establishments, such as a 7-Eleven, Goodwill and Redrock Bar and Grill. Situated at the corner of Frankford Road and Midway Road, Midway Market is visible and accessible to more than 55,000 vehicle that pass by each day.   

Last June, Preferred Office Properties welcomed LeaseQuery at Three Ravinia, an 814,000-square-foot office property in Atlanta. The Preferred Apartment Communities-subsidy worked with Cushman & Wakefield to close the deal.