While much of the Lake Highlands community has its attention focused on the Lake Highlands Town Center, a rather high profile transaction took place earlier this month right across the street.

It was approximately a year ago when we first reported that Kingsley Square was put on the market by long-time owner, Charter Holdings.

"We tested the market about a year ago," said Charter Holdings senior vice president, Philip Scheble.

"We didn’t think it was sellable at the time, so we took it off the market but recently got an unsolicited offer on the property."

"Our program here is to go find broken properties and go fix them," Scheble explained.

"Kingsley Square was extremely successful for us. We’ve owned it for about seven years, and all the tenants have been highly successful."

"Frankly, we wish we could find 10 more of those. The community support of the improvements we made to this property has been great."

The unsolicited offer made on Kingsley Square came from local commercial real estate brokerage and investment firm, Dunhill Partners.

"The offer came from a conversation I had with Ray Washburn [CEO of Charter Holdings,]" said Dunhill’s president, Bill Hutchinson, who founded Dunhill Partners in 1984.

"We know each other well, and I suggested he unload the property. We were happy to take it off his plate. Ray is very proud of that property, but I think we got a fair price."

While Dunhill Partners has never owned Lake Highlands commercial real estate before, Kinglsey Square certainly fits the profile of a typical asset Dunhill targets for purchase.

"Kingsley Square has all the bells and whistles I like when looking at buying any particular property," Hutchinson said.

"It’s 100% leased and the tenants are very happy there."

"It’s at a very busy intersection in Lake Highlands and happens to have one of my favorite restaurants located there in Mi Cocina."

"Picasso's does very well, as does LA Fitness. They are a very successful gym, and I believe it's the top location for them in the metroplex and probably one of their best in the nation."

As far as any changes that might be made to the property, Hutchinson says it will likely be business as usual for the tenants going forward.

"So far we’ve heard nothing but good things from the tenants, so we will continue as is and operate the property with the good care and quality that Dunhill Partners is known for."

Kingsley Square is the latest addition to a large local portfolio for Dunhill, which now owns sixteen shopping centers, approximately 4,500,000 square feet, in the metroplex.

If nothing else, the Kingsley Square center proves that Lake Highlands will support quality retail.

Perhaps this transaction will peak the interest of the potential retailers our community is so desperate to attract.

Trader Joe’s anyone?