Low-Profile Developer Buys North Dallas Center

The price versus net operating cost was right, says a Dallas developer who has just bought his fourth shopping center in Texas.

Jerry Skibell, sole owner of Skibell Properties, is mum about the price, but proudly discusses his purchase of the 41,160-sf Prestonwood Village II, situated on the northwest corner of a high-traffic intersection in North Dallas. He is planning on giving the center its first face-lift in its 18-year history. It may take 18 months to two years, but it’s on the drawing boards for Skibell.His most recent purchase is indicative of his business acumen: 2,000 vacant sf and three lead tenants – Petco, Apex Reservations and the nighclub Blackberry’s – each occupying more than 10,000 sf.

His business savvy has been that way for the 25 years that he’s been operating his one-man development company. In the Metroplex, he owns a 27,000-sf shopping center along Plano Parkway and farther south in College Station, he owns two centers totaling more than 12,000 sf.Skibell also developed North Dallas’ Forest on the Creek subdivision, where he now lives and home offices instead of leasing a spot in one of the city’s glass skyscrapers.