Suburban DFW retail center changes hands
JLL brokered the sale of the Hobby Lobby-anchored retail center
DALLAS, December 9, 2019 – JLL announced today that it has closed the sale of Little Elm Towne Crossing, a 150,007-square-foot shopping center in the affluent Little Elm community on the northwest border of Frisco, Texas, which is part of the Dallas-Fort Worth MSA.
JLL marketed the property on behalf of the seller, Dunhill Partners, Inc.
Situated on 17.6 acres at 2700 East Eldorado Parkway, Little Elm Towne Crossing is positioned at the dominant retail intersection in the trade area, East Eldorado Parkway and FM 423, which exposes the center to more than 58,000 vehicles per day. The property serves one of the fastest-growing and wealthiest communities in Dallas-Fort Worth; more than 158,400 residents with an average annual household income of $150,550 live within a five-mile radius. Built in 2007, Little Elm Towne Crossing is 95.2% leased to a balanced lineup of strong national retailers with an emphasis on internet-resistant fitness, health and service-oriented tenants, including 24 Hour Fitness, Studio 720 Salon, The Draft House, Hibbett Sports, Monarch Dental, Great Clips, Planet Tan, Choice of India Groceries and Baylor Institute for Rehab. The center is also anchored by Hobby Lobby and Dollar Tree and fronted by several non-owned outparcel pads.
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 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.
According to a recent JLL Retail Outlook report, second-quarter 2019 net absorption in U.S. shopping centers (i.e., community, neighborhood and strip centers) remained positive at 1.9 million square feet, with the majority coming from neighborhood center demand. Additionally, neighborhood centers – like Little Elm Towne Crossing – are sought after among small retail locales.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Dunhill Partners, Inc.
Dunhill Partners was founded in 1984 by William L. Hutchinson and is a commercial real estate investment firm that currently owns and manages more than five million square feet of retail commercial property. Dunhill specializes in the acquisition, leasing and management of commercial real estate. For more than 30 years, the firm has been dedicated to the fundamental principle of building value for its investors. With properties from Texas to Hawaii, Dunhill Partners is a true leader in commercial real estate ownership. Learn more at dunhillpartners.com.