Vestar Buys North Dallas Retail Center
StreetLevel Investments sold Twin Creeks Marketplace in Allen, Texas, to Vestar. The 43,134-square-foot, grocery-anchored neighborhood center was fully leased at the time of sale.
By Razvan Cimpean
Vestar acquired Twin Creeks Marketplace—a 43,134-square-foot grocery-anchored neighborhood center in Allen, Texas—from StreetLevel Investments. The sale was subject to an $8.7 million, 15-year term permanent loan from the Lincoln National Life Insurance Co. Earlier this year, Vestar also led the rebranding process and a strategic leasing campaign for Crockett Row at West 7th, a Fort Worth shopping center.
Fully leased property
Located at 1265 W. Exchange Parkway, the asset was developed in 2016. Twin Creeks Marketplace sits on five acres at the intersection of W. Exchange and Alma Drive, close to multiple residential communities. The property features more than 250 parking spaces. At the time of sale, the retail center was fully leased. Tenants include Sprouts Farmers Market, Verizon, Starbucks and Advancial Credit Union.
Vestar’s Clint Marchuk represented the buyer, while EDGE Capital Markets’ Brandon Beeson negotiated the deal on behalf of the seller.
Image courtesy of Vestar