JLL Capital Markets announced secured the sale of Northpark Village and Commerce Square, two grocery-anchored shopping centers totaling 220,938 square feet in Texas.
JLL represented the seller, Phillips Edison & Co. The buyer was Dunhill Partners.
The portfolio consists of Northpark Village, a 70,479-square-foot shopping center in Lubbock, and Commerce Square, a 150,459-square-foot retail center in Brownwood. Both properties are 100% occupied and anchored by leading grocery retailers with strong market positions.
Northpark Village is strategically located at 401-405 Slide Rd. in Lubbock, just one mile from Texas Tech University’s campus with more than 40,700 students. The property is anchored by United Supermarkets, part of the Albertsons Family of Companies, which generates average sales exceeding $519 per square foot and ranks in the 78th percentile for visits within United Supermarkets’ portfolio. The center features a weighted average lease tenure of 29.2 years and minimal rollover exposure of less than 11% within the first three years.
Commerce Square is positioned at 509 West Commerce St. in Brownwood along the city’s primary retail corridor with exposure to more than 24,600 vehicles daily. The center features national tenants including TJ Maxx, Aldi, Boot Barn and Harbor Freight. Current in-place rents sit 32% below market value, providing substantial upside opportunity with a projected 5.74% seven-year compound annual growth rate. The property also offers two future pad development opportunities totaling approximately 1.5 acres.
JLL Capital Market’s Investment Sales and Advisory team was led by Senior Managing Directors Chris Gerard and Adam Howells.
