IMAGE: Micah Ashford, Moody Younger, Kathy Permenter, Adam Howells, & Adam Megacci
ADDRESS: FM 549 and Laurence Drive
MARKET: Heath, Texas
ASSET TYPE: Retail
SELLER: Malouf Interests, Inc.
BUYER: Younger Partners Investments
BROKERS: Micah Ashford, Moody Younger, & Kathy Permenter – Younger Partners, & Adam Howells – JLL, Adam Mengacci – Hamilton Realty Finance
NOTE: Younger Partners Investments (YPI) completed its first retail acquisition: Heath Town Center, a 77,669-square-foot grocery-anchored retail center at FM 549 and Laurence Drive in Heath. YPI is Younger Partners’ newest platform designed to acquire retail properties. YPI was launched in July 2020 to target retail properties from lifestyle to neighborhood centers throughout the Dallas-Fort Worth area.
The newly built shopping center is anchored by a top-performing Tom Thumb grocery store alongside its 12-pump fuel station and in-store Starbucks. The property’s occupancy is 98 percent with one small vacancy of 1,827 rentable square feet. Younger Partners will handle the property management and leasing of the property.
Younger Partners’ Micah Ashford, Moody Younger and Kathy Permenter represented YPI in the acquisition. JLL’s Adam Howells represented the seller, Malouf Interests, Inc. Financing arranged by Adam Mengacci of Hamilton Realty Finance. Terms of the deal were undisclosed.
“This is a great property to launch our new platform,” says Micah Ashford, who leads YPI’s efforts. “This high-performing Tom Thumb provides consistent traffic patterns to the property and serves as an excellent anchor for the shop tenants, who benefit from maximum exposure. This location is incredible as the City of Heath has seen population growth of 40 percent over the last 10 years.”