JLL closes sale of Whole Foods-anchored retail property near Dallas
The center fronts Fairview Town Center in a high-performing market
DALLAS, July 23, 2019 – JLL announces it has closed the sale of Shoppes at Fairview, which comprises 67,528 square feet of retail anchored by a Whole Foods Market in the north Dallas community of Fairview, Texas.
Lincoln Property Company (LPC) was the seller. InvenTrust Properties Corp. purchased the asset free and clear of existing debt.
Completed in 2011, the center was expanded this year by LPC and fronts Fairview Town Center, a large, open-air mixed-use center, which Lincoln Property Company continues to own, develop and redevelop. The subject property is occupied by a high-performing Whole Foods, Capital One, Sleep Number and Jos. A. Bank. The center is located at 105 Stacy Road in Fairview, 30 miles north of downtown Dallas. Fairview is a high-growth suburb located in Collin County and boasts exceptional demographics. More than 82,000 residents earning an average annual household income of $122,000 live within a three-mile radius of the center.
The JLL Capital Markets team was led by senior managing directors Chris Gerard, Barry Brown and Ryan Shore.
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 a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lincoln Property Company
Founded in Dallas, Texas, in 1965, LPC is a full-service, vertically integrated institutional investment and property services platform with offices in the United States and Europe. Since 1965, Lincoln has acquired and developed approximately $54 billion of residential and commercial property. LPC currently manages 213 million square feet of commercial property and 190,542 multifamily residential units for over 200 separate clients worldwide. For more information, please visit www.lpc.com.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a retail REIT with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. This disciplined acquisition strategy, along with our innovative and collaborative property management approach, ensures the success of both our tenants and business partners and drives net operating income growth for the company. InvenTrust became a self-managed REIT in 2014 and a Global Real Estate Sustainability Benchmark ("GRESB") member in 2018. As of March 31, 2019, the company is an owner and manager of 73 retail properties, representing 12.3 million square feet of retail space. www.inventrustproperties.com