A Dallas investment firm has snapped up another piece of Uptown real estate — a well-placed shopping center that recently lost a well-known tenant.
Bellomy Capital is the new owner of Uptown Plaza, a shopping center at 2222 McKinney Ave. The deal closed Jan. 15, and partner Ryan Bellomy declined to disclose the terms of the transaction.
Bellomy said the firm’s initial focus will be on being the best resource for the tenant and filling the gap after the loss of a key tenant.
The purchase comes just weeks after Morton’s The Steakhouse closed at the site. The legendary restaurant opened on Dallas’ West End in 1987 and moved to Uptown 24 years later.
Bellomy called Morton’s departure a “shock” as the restaurant had more than a year left on the lease. The shopping center is 64% leased. Current tenants include Wells Fargo and Potbelly Sandwich Shop.
Filling that Morton’s gap will be a key focus, Bellomy said. Several groups have already expressed interest in the site.
“We didn’t expect them to leave. The seller notified us of Morton’s intention to leave about a week before the close,” Bellomy said. “(We’ll) just do our best to improve the site.”
Bellomy said they have not developed a long-term plan for the site. The firm is excited by the shopping center’s location near The Cresent and the Ritz Carlton hotel. They plan to hold the property for a while and are open to partnering with someone who has a strong development plan.
“It’s the most interesting corner in the city,” he said. “It’s something we feel like we can own for our lifetime. …It’s kind of sit back and let’s see what the neighborhood says is the best use for it.”
This acquisition is the second in Uptown for Bellomy Capital. The firm acquired S&D Oyster Company in October 2023 from Dallas restaurateur Herb Story. Neither side disclosed the terms of the deal.
Stream Realty Partners represented Bellomy Capital in the Uptown Plaza purchase and Jonathan Carrier of JLL arranged the transaction. The seller was AmREIT.
Bellomy Capital has teamed with Stream Realty Partners to manage the shopping center. Thomas Glendenning of SHOP Companies will handle leasing.
Bellomy Capital was founded in 2014 as the investment arm of the Bellomy family. The Bellomy brothers also co-own Rex’s Seafood and an oil and gas company called Bellomy Exploration.
