DALLAS — So much for an economic slowdown: Highland Park Village, the United States’ second oldest shopping center, is officially under contract in a deal looking to close in March. The 200,000 SF Spanish/Mediterranean open-air shopping center opened in 1931 and is currently home to luxury brands such as Chanel, Escada, Carolina Herrera, Hermès, Harry Winston and Jimmy Choo to name a few. In 2000 it was officially recognized as a National Historic Landmark (and has the plaque to prove it).

News of the deal came last week with Ray Washburne (Hunt family) of Dallas’ Charter Holdings at the helm. Current owner Henry S. Miller Interests has owned that bad-boy since purchasing it in 1976 for a cool $5 million. The price tag? A reported $200 million (the building is valued at around $80 million). Goooo property tax!

With a price tag that heavy and such a premium being paid, one can only deduce that returns are being sacrificed here for a crown jewel property. Working in the center myself, its pretty easy to see how the building is a one-of-a-kind gem and day in and day out it serves as a gathering point for Bentleys, plastic surgery-clad housewives and old perverts alike. In other words, its soooooo Dallas.

Tags: Carolina Herrera, Chanel, Charter Holdings, Escada, Harry Winston, Hermes, high-end, Highland Park Village, Hunt, Jimmy Choo, luxury, pervert, Ray, Ray Washburne, retail, sale, shopping center, Washburn, wwd.com