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.
The JLL Capital Markets team was led by Director Aaron Johnson, Senior Managing Directors Barry Brown, Chris Gerard and Ryan Shore and Analyst Adam Roosien.
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.