Sale of grocery-anchored retail center in suburban Dallas closes
JLL Capital Markets closed the sale of the 140,218-square-foot Independence Square in Plano, Texas
DALLAS, June 12, 2023 – JLL Capital Markets announced today that it has closed the sale of Independence Square, a 140,218-square-foot, grocery-anchored retail center located in the Dallas suburb of Plano, Texas.
JLL represented the seller. Head Capital Partners acquired the asset.
Built in 1977 and renovated in 2005, the 94-percent-leased center is grocery-anchored by a high-performing Tom Thumb that comprises 31% of the total rentable area and has operated as the anchor for 45 years. Tom Thumb’s parent company, Albertsons, is the second-largest supermarket chain in North America, with over 2,300 stores total and 65 stores in Texas. Additional tenants include Oscar Nail Lounge, Cookies by Design, Great Clips, Little Greek Restaurant, Frost Bank, Jersey Mike’s and Workout Anytime. The property receives approximately 850,000 visits every year.
Located at 3100 Independence Pkwy., Independence Square sits at a high traffic intersection within a dense neighborhood population. The property caters to over 127,000 residents within three miles with an average household income of over $130,000, which is 20% above the Dallas-Fort Worth average. The center is also adjacent to heavy daytime traffic generators, including Plano High School to the south and four surrounding elementary schools in every direction. Additionally, it is just 35 minutes from Downtown Dallas and 15 minutes from the Legacy office submarket.
The JLL Retail Capital Markets team was led by Senior Managing Directors Chris Gerard and Barry Brown, Director Erin Lazarus and Associate Ben Esterer.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Head Capital Partners
Head Capital Partners is a commercial real estate firm based in Dallas, TX and led by Scott Head that is focused on the acquisition of multi-tenant shopping centers throughout Texas and the surrounding states.