Head Capital Companions has offered Independence Sq., a 140,218-square-foot purchasing heart in Plano, Texas, to Constancy Investments. JLL Capital Markets organized the transaction.
Constructed again in 1977, the property at 3100 Independence Parkway sits on 13.3 acres and options a number of retail and eating choices. The longest-reigning storefront is grocery store Tom Thumb, which has operated at Independence Sq. for 46 years.
Different shops on the location embody Lily’s Cafe, Starbucks and Mudleaf Espresso, amongst others. In December, international retail chain Daiso opened a brand new retailer on the property. The store occupies 8,400 sq. ft, promoting an enormous number of Japanese merchandise together with decor, meals and stationery.
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Head Capital Companions beforehand purchased the retail heart in 2023 for about $18.9 million, with a $13.2 million mortgage from Dallas Capital Financial institution, CommercialEdge knowledge exhibits. The property at present has an occupancy of 93 p.c charge, with a weighted common lease time period of 4.6 years.
JLL Capital Markets’ Funding Gross sales and Advisory staff led by Senior Managing Director Chris Gerard, Director Erin Lazarus and Senior Managing Administrators Barry Brown and Adam Howells represented Head Capital Companions within the transaction.
Strategically positioned in a high-density suburban space, Independence Sq. experiences excessive ranges of visitors. The inhabitants inside a 15-minute radius is predicted to surpass 430,000 by 2029, with 2024 averages exhibiting family incomes exceeding $146,000 and residential values rising above $550,000.
