In the 1960s, real estate developer and banker Raymond Nasher set out to transform a cotton field on what was then the outskirts of Dallas into a different type of retail property. He sought to add elements of a museum to a mall, displaying his personal collection of fine art to shoppers.
That vision led to NorthPark Center, one of the nation’s top-performing malls. It’s a property nearly 100% leased to high-end retailers that has been wholly or partly owned by two generations of the Nasher-Haemisegger family since it opened 60 years ago. Now the family wants full ownership again, and it is using a $900 million loan to buy out J.P. Morgan Asset Management’s stake.
The two-year floating rate loan, expected to close in mid-October, is backed by the nearly 2 million-square-foot regional mall located about seven miles from downtown Dallas. In all, the indoor mall has more than 190 tenants including high-end retailers Louis Vuitton, Versace, Prada and Tiffany & Co. as well as department stores such as Neiman Marcus and Nordstrom — at a time when other shopping centers across the nation are struggling.
NorthPark Center has a unique museum feel with art, sculptures and greenery throughout and a “cohesive design with all walls in the common areas being the same off-white” color, while no stores have signs or lighting outside in the mall corridors, according to a report from investment researcher Morningstar.

The mall also draws a steady stream of visitors from its 75 market-exclusive retailers and more than 30 luxury brands, according to presale reports about the loan from analysts at both Fitch Ratings and Morningstar.
“Although brick-and-mortar retailers continue to face secular headwinds because of the rise of e-commerce,” Morningstar said in its report, NorthPark Center “has displayed consistent performance.”
Matisse, Picasso, Warhol
The Nasher-Haemisegger family has leased and managed the mall through NorthPark Management Co. The late Raymond Nasher, who once served as chairman of Comerica Bank, is credited with being one of the first real estate developers to bring sculptures and art into his properties.
The family also owns the Nasher Sculpture Center, a downtown museum adjacent to the Dallas Museum of Art that houses a collection with pieces that have been exhibited around the world.
It includes more than 300 pieces by the likes of Calder, Matisse and Picasso and even a 1978 portrait of Raymond Nasher’s late wife, Patsy Nasher, by Andy Warhol. The family rotates pieces from the Nasher Sculpture Center to display at NorthPark Center, making museum-grade art accessible to all.
“The luxury tenants and museum-grade art set NorthPark apart from any other regional mall or lifestyle center in Dallas,” Morningstar analysts said in the presale report. “The property contains more than 50 pieces of artwork from acclaimed 20th- and 21st-century artists displayed throughout the interior and exterior space.”
The artwork displayed at the mall is not included as part of the security for the loan.
Reclaiming full ownership
The new commercial mortgage-backed securities loan is expected to replace $650 million of an existing debt, with proceeds being used to buy out J.P. Morgan Asset Management’s interest in the property and return full ownership to the Nasher-Haemisegger family, according to Fitch Ratings’ report from Sept. 24.
A representative for the Nasher-Haemisegger family told CoStar News in an email that J.P. Morgan is no longer an equity partner of NorthPark Center as of Sept. 26, but declined to comment further.

A J.P. Morgan spokesperson declined additional comment to CoStar News. Morningstar declined to make an additional comment beyond its published presale report, and Fitch Ratings didn’t respond to emailed questions on its presale report.
NorthPark Center is in an affluent area adjacent to some of the city’s wealthiest neighborhoods and suburbs, including Highland Park, University Park and Preston Hollow. The mall includes a 1.4-acre interior courtyard where events are held.
The mall is expected to top its retail sales from last year of more than $1.4 billion, with retail sales on track to be more than $1.5 billion this year, analysts said in Morningstar’s report.
High occupancy
NorthPark Management Co. has signed 44 new leases and three renewal leases since the beginning of 2024. The mall’s appraised value is more than $1.621 billion, the reports said. It was 98.6% leased at the time of the presale reports, with an average occupancy of 95.6% over the past decade.
The mall is home to 30 tenants that rank in the top 10 of their respective brands nationally, including Neiman Marcus, Nordstrom, Williams Sonoma, Free People, Lululemon, Lego and Alo, according to Morningstar.

The parent company of Neiman Marcus is planning to invest $100 million to upgrade Neiman Marcus’ 221,379-square-foot store at the mall, CoStar News reported earlier this year. The luxury retailer’s front interior entrance features a fountain that is home to small ducks and turtles that are popular among the mall’s youngest clientele.
NorthPark Management Co. places a strong emphasis on customer requests, something that is evident in the upcoming return of Gap to the mall and the addition of Pottery Barn. Customers have requested a Pottery Barn at the mall for years, Morningstar said.
Pottery Barn’s $48-per-square-foot lease for 15,118 square feet starts in December while Gap’s $45 base rent to lease 7,654 square feet commences in November, according to Fitch.
“Given NorthPark’s hands-on local ownership, strong sales, consistent occupancy, tenant mix” and favorable location, Morningstar analysts have a positive view of the loan.
For the record
Wells Fargo Bank, Goldman Sachs and Morgan Stanley are the loan sellers, according to Morningstar.