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Twin Creeks Marketplace. Image courtesy of JLL Capital Markets
JLL Capital Markets has represented Vestar—identified by CommercialEdge as the seller—in the disposition of Twin Creeks Marketplace, a 43,134-square-foot, grocery-anchored retail asset in the Dallas suburb of Allen, Texas. Public records show that Daytom Enterprises acquired the property.
According to earlier Commercial Property Executive coverage, the previous owner purchased the asset in 2017 using an $8.7 million, 15-year permanent loan from Lincoln National Life Insurance Co. Daytom assumed the existing loan on the property, which has an outstanding balance of $7.8 million, according to public records.
Located at 1259-1271 W Exchange Parkway, the shopping center provides accessibility to U.S. Highway 75. Twin Creeks Marketplace is less than 3 miles from downtown Allen, offering connectivity to the Sam Rayburn Tollway.
A fully occupied property
The 100 percent leased retail center is anchored by Sprouts Farmers Market, which occupies 69 percent of the property’s total rentable area. Starbucks, Verizon, ATI Physical Therapy and Advancial are also tenants at the property.
Twin Creeks Marketplace was completed in 2016 and is exposed to 265,400 annual visits. The shopping center serves a population of 327,000 residents within a 5-mile radius, with an average household income of $163,230. In the vicinity of the property, there are 1.4 million square feet of Class A office space, 12,290 multifamily units, 1,600 hotel rooms and 15 schools.
READ ALSO: What Will Retail Look Like in 2023?
Senior Managing Directors Chris Gerard and Adam Howells, along with Senior Director Caroline Binning and Analysts Pauli Kerr and Cole Sutter, were all part of the JLL Retail Capital Markets Investment Sales and Advisory team that represented Vestar in the transaction.
During 2022, retail tenants absorbed close to 76 million square feet of space, per the latest JLL retail market report, which is the highest level witnessed since 2017. The same source reveals that grocery-anchored retail centers were among the top retail categories announcing openings last year.
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