Younger Partners Executive Vice President Ben McCutchin and Consultant Sam Kartalis brokered the sale of the eight-acre former Midway Square Shopping Center, at 14833 Midway Road in Addison, Texas to AMLI Residential.
Located within the 79-acre Midway South neighborhood, the aging center was earmarked for redevelopment and now will become a key addition to AMLI’s highly anticipated AMLI Treehouse mixed-use development. McCutchin and Kartalis represented both the seller, VVI, Inc. and the buyer, AMLI Residential.
McCutchin has close ties to the property as this was an integral component of the 150-acre homestead that his mother purchased some 60 years ago when it was farmland. Over the years, the McCutchin family selectively developed the 150-acre farm into various successful projects, which included the Midway Square Shopping Center.
First developed in the early 1980s, the Midway Square Shopping Center served as a local destination with several well-known restaurants including the Midway Point and Jaxx Steakhouse, among others. Since 2020, the Midway Square Shopping Center grew increasingly difficult to maintain.
“This was one of the last large-acre, single-owner development sites on Midway between LBJ and Belt Line,” McCutchin said. “The shopping center was aging and would have required millions of dollars to bring it up to date. The ownership decided it was best to put it on the market and felt that it could fit in well with AMLI’s existing development next door.”
Kartalis noted that this property attracted multiple premier multifamily developers interested in its acquisition. “We went with AMLI because of its excellent reputation within the Town of Addison and its proposal to create a truly mixed-use development, a requirement of the Midway South neighborhood overlay.”
“Soon, AMLI will commence demolition of the 40-plus-year-old structures and incorporate the site into its AMLI Treehouse development south of the site, which broke ground about a year ago and will now extend up to Beltway Road,” Kartalis said.
“AMLI’s experience with its existing AMLI Addison apartment community and AMLI Treehouse mixed-use development is visible evidence of its ability to create something iconic on this property to the satisfaction of the neighborhood and the Town,” he added.
“Special thanks to Ben and Sam for entrusting AMLI to honor the McCutchin legacy through a continuation of our existing AMLI Treehouse development. Redevelopment of Midway Square unlocks numerous community benefits and completes the Town’s vision for the burgeoning Midway South neighborhood. The mixed-use community will offer plentiful green space, desirable destination retail and outstanding housing choices,” said Robert Lapp, AMLI Development Co. Vice President.
“This will be a high-end project that really benefits the Town of Addison,” McCutchin said. “My family would be pleased with the legacy of what is happening on the land.”
Dallas-based Younger Partners is a full-service commercial real estate firm providing investment, leasing, and management services to investors and tenants in the Dallas/Fort Worth region. They also specialize in the acquisition and disposition of land, multifamily, office, industrial, and retail properties. Younger Partners Investments (YPI) is a Younger Partner’s platform designed to acquire retail properties. Launched in July 2020, YPI targets retail properties from lifestyle to neighborhood centers throughout the DFW area. Younger Partners and YPI are also affiliated with the newly formed Apricus Realty Capital.
A 2023 USGBC LEED Homes Awards Outstanding Developer and Power Builder and a 2023 EPA ENERGY STAR PARTNER of the Year, AMLI Residential focuses on the development, acquisition and management of environmentally responsible apartment communities throughout the U.S. Founded in 1980, AMLI is owned by PRIME Property Fund, a core commingled institutional fund. AMLI owns and manages 78 apartment communities, including approximately 25,600 apartment homes, and has over 3,100 additional apartment homes under development at seven new communities. AMLI is a leader in multifamily sustainability. Forty-nine AMLI communities are LEED®-certified and 47 communities are ENERGY STAR®-certified.
