JLL Capital Markets has closed the sale of McKinney Marketplace, a 96% leased, 118,967-square-foot retail center located in McKinney, Texas, part of the greater Dallas-Fort Worth area.
JLL represented an institutional seller to complete the sale to the buyer, Tabani Group, Inc.
Built in 2000 and sitting on 15.78 acres, McKinney Marketplace comprises notable tenants, including Kohl’s, Dollar Tree, Cato and Wendy’s. The buyer has the opportunity to develop on a 5,000-square-foot pad site in front of Kohl’s, allowing additional investment opportunity.
Located at 3001 South Central Expressway just 33 miles from Dallas-Fort Worth, the property benefits from being positioned in the established retail intersection of U.S. Highway 75 and Eldorado Parkway. This intersection experiences high traffic counts being located in the heart of one of the McKinney area’s master planned communities consisting of an affluent customer base; with about $8.4 million in spending power from people living within a five-mile radius. Additionally, the retail center benefits from the continued growth of the greater Dallas-Fort Worth area, with growth projections targeting 461,800 new residents in the next five years.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard, Adam Howells, Barry Brown and Ryan Shore. Analysts include Greyson Fewin and Pauli Kerr.
According to JLL, there has been a large uptick in investor interest in DFW and throughout Texas, as investors seek out opportunities in high-growth, pro-business environments. That said, with McKinney Marketplace sitting at one of the dominant retail corners in McKinney and in one of the fastest growing counties in the United States, the property poses long-term value.
