Henry S. Miller Sells Preston Royal Village to Regency Centers of Florida, Pinkberry OK

Update: Brief e-mail exchange with Steve Brown this am: Miller owned and sold both the north-east and north-west corners at Preston Royal. Stay tuned!

The Henry S. Miller fam calls it their “second crown jewel,” but Steve Brown is reporting (paywall) in the Dallas Morning News that Preston Royal Village in Preston Hollow will be sold to Regency Centers of Florida. The 54 year old commercial center is located in one of the city’s most affluent areas with anchor tenants like Dougherty’s Pharmacy, Tom Thumb, Barnes & Noble, Pinkberry (where I live), and a U.S. post office.

Note: Steve said Cantina Laredo is there, but that is actually across the street on the north-east corner. (Does Miller own the n/e quadrant, too?) Preston Royal Village is on the north-west corner of Preston Road and Royal Lane. It is catty-corner from where Central Market just opened its second high-end Dallas grocery store.

The shopping center was built in 1965-1966 by legendary Dallas real estate broker Henry S. Miller and developer Trammell Crow. Once upon a time it was the most northern outpost of shopping civilization and I’m told there was even a movie theater about where Barns & Noble is today. Anyone remember Lester Melnick? Popolo’s, where former president George Bush used to eat.

Miller’s daughter, Jackie Stewart, said they were not looking for a buyer but had an unsolicited offer, and it seemed like the right time to sell. That big space left by Blockbuster, where I still drive to get videos (duh), still appears empty. I wonder if this affects the U.S. post office?

You may recall that three years ago, the Millers sold Highland Park Village shopping center on Preston at Mockingbird Lane to a consortium headed by Ray Washburne for an estimated $170 million. Preston Royal Village likely won’t bring in that much, but should fetch a tip top dollar.