Twin Creeks Market. Picture courtesy of JLL Capital Markets
JLL Capital Markets has represented Vestar—recognized by CommercialEdge as the vendor—within the disposition of Twin Creeks Market, a 43,134-square-foot, grocery-anchored retail asset within the Dallas suburb of Allen, Texas. Public information present that Daytom Enterprises acquired the property.
In accordance with earlier Business Property Government protection, the earlier proprietor bought the asset in 2017 utilizing an $8.7 million, 15-year everlasting mortgage from Lincoln Nationwide Life Insurance coverage Co. Daytom assumed the present mortgage on the property, which has an excellent steadiness of $7.8 million, in line with public information.
Positioned at 1259-1271 W Alternate Parkway, the buying heart supplies accessibility to U.S. Freeway 75. Twin Creeks Market is lower than 3 miles from downtown Allen, providing connectivity to the Sam Rayburn Tollway.
A completely occupied property
The one hundred pc leased retail heart is anchored by Sprouts Farmers Market, which occupies 69 % of the property’s whole rentable space. Starbucks, Verizon, ATI Bodily Remedy and Advancial are additionally tenants on the property.
Twin Creeks Market was accomplished in 2016 and is uncovered to 265,400 annual visits. The buying heart serves a inhabitants of 327,000 residents inside a 5-mile radius, with a mean family revenue of $163,230. Within the neighborhood of the property, there are 1.4 million sq. ft of Class A workplace area, 12,290 multifamily models, 1,600 resort rooms and 15 faculties.
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Senior Managing Administrators Chris Gerard and Adam Howells, together with Senior Director Caroline Binning and Analysts Pauli Kerr and Cole Sutter, have been all a part of the JLL Retail Capital Markets Funding Gross sales and Advisory workforce that represented Vestar within the transaction.
Throughout 2022, retail tenants absorbed near 76 million sq. ft of area, per the most recent JLL retail market report, which is the very best stage witnessed since 2017. The identical supply reveals that grocery-anchored retail facilities have been among the many prime retail classes saying openings final 12 months.
