By  on January 23, 2009

DALLAS — Negotiations are underway for the sale of Highland Park Village, an open-air luxury shopping center here, to a group of investors.

The Henry S. Miller family, owner of the center, is considering a sale to investors led by Ray Washburne, chief executive officer of Charter Holdings, a Dallas real estate company. The price being discussed is about $150 million, said a source familiar with the discussions.

Highland Park Village, which opened in 1931, is considered the oldest shopping center in the U.S. and has been designated as a national historic landmark. Henry S. Miller Jr. purchased the property, which is now 250,000 square feet, for $5 million in 1976 and transformed the Mediterranean-style venue into a 55-store regional destination with retailers such as Polo Ralph Lauren, Hermès and Chanel. Carolina Herrera, Judith Ripka and LAFCO New York are among the retailers that opened last year.

Jackie Stewart, president of Henry S. Miller Interests Inc. and a principal in the family-owned center, and Washburne both declined to comment.

Washburne grew up in the wealthy Highland Park neighborhood and his wife, Heather, is the granddaughter of the late Margaret Hunt Hill, founder of Hunt Petroleum, which was sold for $4.19 billion in September. Hunt Hill was the daughter of the legendary oilman H.L. Hunt.

Charter Holdings owns office, industrial and retail buildings, including three midtier strip centers in Dallas.

Henry S. Miller Interests also owns Preston Royal Shopping Center in Dallas.

Its affiliate, Henry S. Miller Co., is a real estate brokerage and management company with offices in major Texas cities.

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