- The Nasher-Haemisegger family is using a $900M CMBS loan to buy out JPMorgan Asset Management’s stake in NorthPark Center, a top-performing regional mall in Dallas.
- The nearly 2M SF property boasts 98.6% occupancy and over 190 tenants, including 30+ luxury brands and 75 market-exclusive retailers.
- NorthPark’s museum-quality art collection, curated by the family, and consistent tenant demand help the property outperform amid broader retail sector struggles.
Back In The Family
More than 60 years after Raymond Nasher transformed a Dallas cotton field into a high-end retail destination, his family is regaining full control of NorthPark Center, reports CoStar. The Nasher-Haemisegger family is buying out JPMorgan Asset Management’s stake. They are using a $900M, two-year floating-rate loan. The loan is backed by the property. The deal officially returned full ownership to the family as of September 26, according to CoStar.
The new loan will also refinance $650M in existing debt, per Fitch Ratings.
A Rare Retail Success Story
Located just seven miles from downtown Dallas, NorthPark Center is known not only for its luxury tenant mix but also for its museum-like atmosphere. The mall hosts over 190 retailers. These include Louis Vuitton, Prada, Tiffany & Co., and Neiman Marcus. It sees annual retail sales exceeding $1.4B. Sales are on pace to top $1.5B in 2025, according to Morningstar.
The property’s nearly 99% occupancy rate and an average 10-year occupancy of 95.6% highlight its resilience even as malls nationwide continue to struggle.
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Art Meets Retail
What sets NorthPark apart is its integration of fine art with retail. The late Raymond Nasher was a pioneer in merging art with commercial real estate, and his family continues the tradition. More than 50 pieces by iconic artists like Matisse, Picasso, Calder, and Warhol are displayed throughout the property—rotated from the Nasher Sculpture Center’s collection.
While the art contributes to the mall’s identity and appeal, it is not included as collateral for the new loan.
Leasing Momentum
NorthPark Management Co. has signed 44 new leases and three renewals in 2024 alone. Upcoming additions include Pottery Barn and the return of Gap—both driven by customer demand. Pottery Barn will open a 15,118 SF space in December at a $48 PSF lease, while Gap returns in November at $45 PSF for 7,654 SF.
Notably, the mall is home to 30 stores that rank in the top 10 nationally for their respective brands, including Nordstrom, Free People, and Lululemon.
What’s Next
JPMorgan is officially out of the ownership. A new loan is now in place. The Nasher-Haemisegger family appears committed to preserving NorthPark’s unique blend of art, luxury retail, and customer-focused management. Neiman Marcus, one of the mall’s anchor tenants, is planning a $100M renovation, signaling continued investment in the property.
According to Morningstar and Fitch Ratings, NorthPark’s location, strong tenant mix, and curated experience position it to remain a standout performer in the retail sector for years to come.
