Dunhill Partners has sold the 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.
The new owner and financial terms were not disclosed.
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 percent 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.
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.
