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Vista Property Co. has purchased Lake Worth Marketplace, a 197,553-square-foot retail power center in Lake Worth, Texas. The previous owner was Principal Real Estate Investors, according to CommercialEdge data. JLL represented the seller.
Built on some 23 acres between 2005 and 2007, the Kohl’s-anchored property features a diverse mix of national and regional tenants such as Marshalls, Burlington Coat Factory, pOpshelf, Lane Bryant and Bath & Body Works.
At the time of the sale, the shopping center was 93 percent leased. Lake Worth Marketplace has an average tenant tenure of 14.7 years and a 4.5-year WALT, according to JLL.
JLL Senior Managing Directors Barry Brown and Chris Gerard, Director Erin Lazarus and Analysts Keenan Ryan and Ben Pollack led the Investment Sales Advisory team who assisted the seller.
Benefits of a high-growth area location
Located at 6034 Azle Ave. in the North Fort Worth submarket, the shopping center is near Interstate 820, which allows easy access across the Fort Worth metropolitan area. Lake Worth Marketplace serves around 176,000 individuals within a 5-mile radius, with the average household income of approximately $91,378 and $5.38 billion in consumer spending power, JLL data shows.
Due to its location in a high-growth area of Fort Worth, the retail center has had more than 1.5 million customer visits in the last 12 months. The property’s demand drivers include Texas Christian University, the Fort Worth Culture District, the Fort Worth Stockyards, Dallas-Fort Worth International Airport and the Lockheed Martin Campus.
READ ALSO: Why Those Big Store Closings Aren’t the Whole Story
With the population rising intensely over the past 5 years, Dallas-Fort Worth has witnessed a strengthening long-term retail spending outlook, which generated leasing from expanding local brands and new vendors alike, according to a recent Marcus & Millichap report.
Dallas-Fort Worth ranked as the third most active market for retail real estate sales last year and second for single-tenant transactions in the U.S., the same report shows. The metro is expected to keep its momentum this year.
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