JLL Capital Markets closed the sale of Lake Worth Marketplace, a 197,553-square-foot, Kohl’s-anchored retail power center in Lake Worth, Texas.
JLL represented the seller in the transaction. Vista Property Company, based in Dallas, acquired the asset.
Built from 2005 to 2007, the 93%-occupied Lake Worth Marketplace possesses a tenant mix made up of nearly 100% investment-grade credit and national retailers. In addition to anchor Kohl’s, the property is leased to Marshalls, Burlington Coat Factory, pOpshelf, Lane Bryant and Bath & Body Works. The property boasts an average tenant tenure of 14.7 years and a 4.5-year WALT. Over the last twelve months, the Property has seen over 1.5 million customer visits.
Located just west of Fort Worth at 6034 Azle Ave., in Lake Worth, Texas, the property is just a 15-minute drive along Jacksboro Highway to Downtown Fort Worth. The center benefits from demand drivers, such as Texas Christian University (TCU), the Fort Worth Culture District, the Fort Worth Stockyards, Dallas-Fort Worth International Airport and the Lockheed Martin Campus, as well as the eclectic residential neighborhoods of Greenfield Acres, Sansom Park and North Beverly Hills.
The five-mile radius surrounding the property is home to approximately 176,000 residents with an average household income of $91,378 and $5.38 billion in consumer spending power.
The JLL Retail Capital Markets Investment Sales Advisory team was led by Senior Managing Directors Barry Brown and Chris Gerard, Director Erin Lazarus and Analysts Keenan Ryan and Ben Pollack.
