Retail power center near Dallas trades
JLL Capital Markets closed the sale of South Frisco Village to Vista Property Company
DALLAS, December 9, 2021 – JLL Capital Markets announced today that it has closed the sale of South Frisco Village, a multi-anchored power center totaling 227,041 square feet in the Dallas community of Frisco.
JLL marketed the property on behalf of the seller, InvenTrust Properties Corp. Vista Property Company acquired the asset.
Built in 2001, South Frisco Village is 92 percent occupied by a variety of national and local tenants. The property offers 28 retail suites and is anchored by national tenants, including Bed Bath & Beyond, Jo-Ann Fabrics, Buy Buy Baby, Painted Tree Marketplace.
South Frisco Village is situated along North Dallas’s dominant retail corridor at the northeast corner of Preston road and State Highway 121. Additionally, the property is located near local entertainment, retail and dining hubs, including The Star, Dr Pepper Ballpark, Stonebriar Centre, Legacy West, Granite Park and Shops at Legacy.
The property benefits from strong local demographics, including a population of 300,789 within a five-mile radius, which is expected to grow an additional 12 percent by 2025. The affluent demographic averages an annual household income of $141,604 and has a home value averaging $553,136 within the same radius. Additionally, Frisco’s attractions draw tourists from a five-state radius who shop at South Frisco Village while visiting.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan Shore, Chris Gerard and Barry Brown and Analyst Jack Copher.
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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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 InvenTrust Properties Corp.
InvenTrust Properties Corp. (IVT) is a premier Sun Belt multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. IVT is also committed to leadership in environmental, social and governance (ESG) practices and has been a Global Real Estate Sustainability Benchmark (“GRESB”) member since 2018. As of September 30, 2021, the Company is an owner and manager of 63 retail properties, representing 10.6 million square feet of retail space.
About Vista Properties Company
Vista Property Company is a full-service, commercial real estate company specializing in the acquisition, development and redevelopment of retail properties in North and Central Texas. Vista also manages and leases retail properties for its own account and for a select group of third-party owners.