JLL Capital Markets arranged the sale of Legacy Drive Village, a 138,266-square-foot grocery-anchored retail center located in Plano, Texas.
JLL represented the owner, a joint venture managed by Weitzman, in bringing in an institutional investor as an equity partner in the property.
Built in 1994, Legacy Drive Village is 100% occupied and anchored by investment-grade credit grocer Kroger. The center features a diverse mix of national and regional tenants including Dunkin Donuts, Einstein Bros. Bagels, Palm Beach Tan, Subway and Wingstop. The Kroger location ranks in the top 14% of most-visited grocery stores in Texas, attracting 848,000 visits annually. The property stands out for its exceptional tenant stability, with an average occupancy of 15 years across the center.
Located in the heart of Plano at 7000 Independence Pkwy., the center benefits from exceptional visibility with traffic counts of 30,000 vehicles per day on Legacy Drive and proximity to major thoroughfares including the Sam Rayburn Tollway and Dallas North Tollway. The surrounding trade area boasts an average household income of $171,251 within three miles and has experienced 21.5% population growth within five miles since 2010.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Director Chris Gerard, Director Kristi Leonard, Associate Ben Pollack and Analyst Alex Fronterhouse.
