Suburban DFW retail center changes hands
JLL brokered the sale of the Mesquite, Texas, property
DALLAS, January 21, 2020 – JLL Capital Markets announced today that it has closed the sale of Marketplace at Towne Center, a 180,522-square-foot retail center in the Dallas-Fort Worth suburb of Mesquite, Texas.
JLL marketed the property on behalf of the seller, Retail Value Inc. (NYSE:RVI). A private local investor purchased the asset.
Situated on 20.48 acres, Marketplace at Towne Center is at the northwest corner of US 80 and Interstate 625 (Lyndon B. Johnson Freeway), a heavily trafficked intersection with more than 288,000 vehicles per day and one that is supported by $7.3 billion in spending power within a five-mile radius. The retail center is adjacent to the 1.4-million-square-foot Towne East Mall and in an area of high density. Nearly 132,000 residents earning an average annual household income of $58,873 live within a three-mile radius of the property. Marketplace at Towne Center is home to PetSmart, Ross Dress for Less, Old Navy, Dress Barn, Five Below, Famous Footwear, Applebee’s and more. It is also shadow anchored by a Kohl’s and The Home Depot.
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.
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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 Retail Value Inc.
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at retailvalueinc.com.