JLL Capital Markets negotiates sale of 86,698-square-foot retail center in Prosper

JLL Capital Markets arranged the sale of Shops at Prosper Trail, an 86,698-square-foot retail center 35 miles north of downtown Dallas in Prosper, Texas.

JLL worked on behalf of the seller, Dallas-based Younger Partners Investments. The buyer was Phillips Edison & Company.

Built in 2016, Shops at Prosper Trail is 100% occupied and strategically positioned at the intersection of Preston Road and Prosper Trail, which combine for over 43,000 vehicles per day. The property ranks in the 94th percentile of neighborhood centers nationally for performance and leads all centers within a five-mile radius in visits per square foot, attracting three million annual visitors.

The center serves one of the nation’s most affluent and rapidly expanding markets. The three-mile trade area boasts an average household income of $189,083 and has experienced 31% population growth since 2020. By 2049, Prosper’s population is projected to grow an additional 70%, supported by over 8,000 multi-family units currently under construction within a 10-mile radius.

Located in North Collin County, the property benefits from limited immediate grocery competition, with the nearest major competitors ranging from five to eight miles away. An HEB grocery store is currently under construction less than five miles from the center.

JLL Capital Market’s Sales and Advisory team representing the seller was led by Senior Managing Director Adam Howells and Director Erin Myer.