Younger Partners Investments Acquires Heath Town Center Retail Property In Heath, Texas | FM 549 and Laurence Drive | Micah Ashford, Adam Howells, Adam Mengacci, Kathy Permenter, Moody Younger | Retail | Sale

Summary

Sale

TEXAS

Retail

77,669 sqft

Younger Partners Investments (YPI) has acquired Heath Town Center, a 77,669-square-foot grocery-anchored retail center in Heath, Texas. The property is located at FM 549 and Laurence Drive, in a market known for its retail offerings. The center is anchored by a high-performing Tom Thumb grocery store, complete with a fuel station and in-store Starbucks. Currently, the property has an occupancy rate of 98 percent, with only a small 1,827 square feet vacancy. Younger Partners will be responsible for the property management and leasing of the center.

Summary of transaction details

Property Type: Retail
Transaction Amount: Undisclosed
Address: FM 549 and Laurence Drive
Market: Heath, Texas
Square Footage: 77,669

Micah Ashford, Moody Younger, and Kathy Permenter from Younger Partners represented YPI in the acquisition. On the seller's side, Adam Howells from JLL represented Malouf Interests, Inc. Financing for the deal was arranged by Adam Mengacci of Hamilton Realty Finance. The terms of the deal were not disclosed.

The City of Heath has seen a significant 40 percent population growth over the last decade, making this location ideal for the new YPI platform. With a strong anchor tenant like Tom Thumb, the property benefits from consistent traffic, providing maximum exposure for its shop tenants. This acquisition marks YPI's first retail property investment, as they aim to acquire lifestyle and neighborhood centers throughout the Dallas-Fort Worth area.

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Players

All
7

Agents
5
Agencies
2

Micah Ashford

Managing Director

Adam Howells

Senior Managing Director

$30.5M Sold

Details

Deal Summary

SOLD

IMAGE: Micah Ashford, Moody Younger, Kathy Permenter, Adam Howells, & Adam Megacci DATE: 02/04/2021 ADDRESS: FM 549 and Laurence Drive MARKET: Heath, Texas ASSET TYPE: Retail SF: 77,669 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.”

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AddressFM 549 and Laurence Drive

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