Grocery-anchored retail center sells in growing Dallas suburb
JLL Capital Markets completed the sale of the Tom Thumb-anchored retail asset to a local DFW-area buyer
DALLAS, March 10, 2021 – JLL Capital Markets announced today that it has closed the sale of Heath Town Center, a new, 77,699-square-foot neighborhood shopping center anchored by a top-performing Tom Thumb in the Dallas-Fort Worth area community of Heath, Texas.
Heath Town Center was completed in 2019 and caters to the surrounding growing and affluent customer base in Heath, an eastern suburb that ranks as the seventh most affluential neighborhood in all DFW. The population of Heath has grown 40 percent since 2010 and is primed for additional growth with new development. Situated on nearly 10 acres at Laurence Road and FM 49, the center is also in an area with significant barriers to entry and benefits from lack of competition, as the closest grocery competition nearly four miles north of the property. In addition to its Tom Thumb grocery anchor, the 98-percent-leased Heath Town Center is also home to diverse lineup of national and local service, shipping and restaurant tenants.
The JLL Capital Markets team that represented the seller was led by Senior Managing Directors Adam Howells and Barry Brown and Analysts Zach Riebe and Erin Lazarus.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Malouf Interests, Inc.
Established in 1995 by Matthew Malouf, Malouf Interests is a real estate firm experienced in the development of retail, mixed use, office and medical properties and raw land. Services include turnkey build-to-suits, site selection, financing, leasing and redevelopment.
About Younger Partners Investments
Younger Partners Investments was launched in July 2020 to target retail properties from lifestyle to neighborhood centers throughout the Dallas-Fort Worth area.