A grocery-anchored retail center located in the suburb of Plano has been sold to a Dallas-based company.
Commercial real estate investment firm Head Capital Partners (HCP) has acquired the Independence Square retail center, according to an announcement from JLL Capital Markets, which represented the unnamed seller in the transaction.
HCP, led by Scott Head, focuses on acquiring multi-tenant shopping centers in Texas and surrounding states.
The 140,218-square-foot retail center, located at 3100 Independence Pkwy. in the heart of Plano, was built in 1977 and renovated in 2005. The nearly 50-year-old shopping center is anchored by a high-performing Tom Thumb grocery store, which has encompassed more than 30% of the total rentable area for the last 45 years.
Independence Square’s other tenants include Oscar Nail Lounge, Cookies by Design, Great Clips, Little Greek Restaurant, Frost Bank, Jersey Mike’s, and Workout Anytime.
The shopping center is 94% leased and serves approximately 850,000 customers yearly, thanks to its proximity to “heavy daytime traffic generators, including Plano High School to the south and four surrounding elementary schools in every direction,” JLL noted in the June 12 news release.
Independence Square benefits from such heavy traffic because over 127,000 residents live within a 3-mile radius of the property, most with an average household income 20% above the average in DFW, or about $130,000, according to JLL.
JLL’s senior managing directors, Chris Gerard and Barry Brown, director Erin Lazarus, and associate Ben Esterer brokered the sale to Head Capital. The dollar value of the deal was not disclosed in JLL’s news release.
While Independence Square is the latest retail center to exchange hands in North Texas, it’s not the only one. Florida-based investor CTO Realty Growth recently acquired the 446,500-square-foot Plaza at Rockwall for $61.2 million.
In the first quarter of 2023, more than $265 million in North Texas shopping centers changed hands, according to investment research firm Morgan Stanley Capital International, The Dallas Morning News reported.
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