{"id":1004648391,"date":"2023-03-01T04:45:24","date_gmt":"2023-03-01T12:45:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004648391"},"modified":"2023-04-19T02:11:06","modified_gmt":"2023-04-19T10:11:06","slug":"daytom-acquires-grocery-anchored-asset-in-suburban-dallas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/","title":{"rendered":"Daytom Acquires Grocery-Anchored Asset in Suburban Dallas"},"content":{"rendered":"
\"The<\/a>

Twin Creeks Marketplace. Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n

JLL Capital Markets<\/strong> has represented Vestar<\/strong>\u2014identified by CommercialEdge as the seller\u2014in the disposition of Twin Creeks Marketplace, a 43,134-square-foot, grocery-anchored retail asset in the Dallas suburb of Allen, Texas. Public records show that Daytom Enterprises<\/strong> acquired the property.<\/p>\n

According to earlier Commercial Property Executive<\/em> coverage, the previous owner purchased the asset in 2017 using an $8.7 million, 15-year permanent loan from Lincoln National Life Insurance Co<\/strong>. Daytom assumed the existing loan on the property, which has an outstanding balance of $7.8 million, according to public records.<\/p>\n

Located at 1259-1271 W Exchange Parkway, the shopping center provides accessibility to U.S. Highway 75. Twin Creeks Marketplace is less than 3 miles from downtown Allen, offering connectivity to the Sam Rayburn Tollway.<\/p>\n

A fully occupied property<\/h2>\n

The 100 percent leased retail center is anchored by Sprouts Farmers Market, which occupies 69 percent of the property\u2019s total rentable area. Starbucks, Verizon, ATI Physical Therapy and Advancial are also tenants at the property.<\/p>\n

Twin Creeks Marketplace was completed in 2016 and is exposed to 265,400 annual visits. The shopping center serves a population of 327,000 residents within a 5-mile radius, with an average household income of $163,230. In the vicinity of the property, there are 1.4 million square feet of Class A office space, 12,290 multifamily units, 1,600 hotel rooms and 15 schools.<\/p>\n

\n

READ ALSO<\/strong>: What Will Retail Look Like in 2023?<\/a><\/p>\n

\n

Senior Managing Directors Chris Gerard and Adam Howells, along with Senior Director Caroline Binning and Analysts Pauli Kerr and Cole Sutter, were all part of the JLL Retail Capital Markets Investment Sales and Advisory team that represented Vestar in the transaction.<\/p>\n

During 2022, retail tenants absorbed close to 76 million square feet of space, per the latest JLL<\/strong> retail market report, which is the highest level witnessed since 2017. The same source reveals that grocery-anchored retail centers<\/a> were among the top retail categories announcing openings last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The buyer assumed the existing loan on the property. <\/p>\n","protected":false},"author":3030,"featured_media":1004648395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21783,21742,21749,51973],"tags":[44006,35655],"class_list":["post-1004648391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-investment","category-latest","category-retail","category-southwest","tag-jll-capital-markets","tag-vestar"],"acf":[],"yoast_head":"\nDaytom Acquires Grocery-Anchored Asset in Suburban Dallas<\/title>\n<meta name=\"description\" content=\"JLL Capital Markets has represented Vestar in the disposition of Twin Creeks Marketplace, a grocery-anchored retail asset in Allen, Texas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daytom Acquires Grocery-Anchored Asset in Suburban Dallas\" \/>\n<meta property=\"og:description\" content=\"JLL Capital Markets has represented Vestar in the disposition of Twin Creeks Marketplace, a grocery-anchored retail asset in Allen, Texas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-01T12:45:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-19T10:11:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Twin-Creeks-Marketplace.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/\",\"name\":\"Daytom Acquires Grocery-Anchored Asset in Suburban Dallas\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Twin-Creeks-Marketplace.png\",\"datePublished\":\"2023-03-01T12:45:24+00:00\",\"dateModified\":\"2023-04-19T10:11:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529\"},\"description\":\"JLL Capital Markets has represented Vestar in the disposition of Twin Creeks Marketplace, a grocery-anchored retail asset in Allen, Texas.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/daytom-acquires-grocery-anchored-asset-in-suburban-dallas\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Twin-Creeks-Marketplace.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Twin-Creeks-Marketplace.png\",\"width\":800,\"height\":600,\"caption\":\"Twin Creeks Marketplace. 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