DALLAS, Aug. 29, 2023 -JLL Capital Markets announced today that it has closed the sale of Lake Pointe Market, a 40,589-square-foot retail center located in the DFW suburb of Rowlett, Texas.
JLL represented the seller, Main Street Investment Company, and procured the buyer, Phillips Edison.
Lake Pointe Market benefits from its shadow anchor, Tom Thumb, which serves as the top performing location in the region. The center is currently 97-percent-leased to a diverse tenant mix, including PetCo, DCP Equity Partners, Burger Island, OneMain Financial, Bank of America, Verizon and SuperCuts, bringing in approximately 740,000 annual visits.
Situated at 6702 Dalrock Rd., the property is located at a premier intersection in Rowlett and is positioned directly between I-30 and President George Bush Turnpike. Within a three-mile radius of the property is an average household income of $125,096 and $2.1 billion in spending power, and within a five-mile radius is a population of approximately 134,836 and approximately 20 schools. Additionally, Lake Pointe Market is just 22 miles from Downtown Dallas.
The JLL Retail Capital Markets team was led by Senior Managing Directors Adam Howells and Chris Gerard and Analyst Megan Babovec.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 20:32:19 UTC.
