Repositioned retail center in growing Dallas-Ft. Worth community sells
JLL Capital Markets arranged the sale of the 91-percent-leased Presidio Plaza in Denton
DALLAS, Jan. 12, 2022 – JLL Capital Markets announced today that it has closed the sale of Presidio Plaza, a 166,225-square-foot regional shopping center in the greater Dallas-Fort Worth-area community of Denton.
JLL marketed the property on behalf of the seller, Denton-based LAD Ventures LLC. Dallas-based Steeplechase Ventures, LLC acquired the asset and will retain NorthBridge Management for property management.
Originally constructed a regional outlet mall called Stonehill Center, the seller purchased the property in 2016, leased it up to 91 percent, expanded the property with the addition of 30,000-square-feet and rebranded it as Presidio Plaza in 2021. The center is home to diverse local and regional tenancy.
Presidio Plaza is at 5800 N. Interstate 35 in Denton, which, with its 42 percent population growth since 2010, is one of the top 25 fastest-growing cities in America. The center is located at the intersection of Interstate 35 and Loop 288, which has a combined traffic count of 198,489 vehicles per day. The property is also adjacent to Rayzor Ranch, a 400-acre, mixed-use development with multi-housing, hospitality and retail that draws traffic to the center. Additionally, both the University of North Texas and Texas Women’s University’s combined 50,000 students are within the trade area that includes 99,284 residents earning an average annual household income of $64,942.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Adam Howells and Ryan Shore and Analyst Matthew Barge.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
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 in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Steeplechase Ventures, LLC
Steeplechase Ventures, LLC is a real estate investment and development firm based in Dallas, Texas. Steeplechase invests in retail, office, industrial and land where value can be created through redevelopment or repositioning. Steeplechase provides build-to-suit and fee development services for retail, office and industrial clients.