JLL is pleased to exclusively offer McKinney Marketplace, a 118,967 square-foot shopping center located in the burgeoning Dallas/Fort Worth suburb of McKinney, Texas. Currently 96% leased, the property benefits from a prominent location at the established retail intersection of U.S. Highway 75 and Eldorado Parkway. The property has a dedicated tenant base with an average tenure of ~18 years and includes Kohl’s (anchor), Albertson’s (shadow anchor), and a complement of internet resistant retailers including Subway, Wendy’s, Dollar Tree, and Supercuts.
The property’s stable performance from a committed tenant base, prominent location in an established retail node and the upside potential through the mark to market of rents provides investors an opportunity with downside protection and the foundation for sustained long-term value appreciation.
WELL PERFORMING ANCHOR – KOHL’S
- Operating at the property for 20+ years and recently renewed and recommitted to the center
- Secures over 65% of the annual NOI
- Investment Grade Credit (S&P: BBB)
- Stable annual sales and strong health ratio
- Only location in trade area
- Shadow anchored by Albertson’s and Valero Fuel Station
COMMITTED TENANT BASE
- Average tenant tenure of the Property is approximately 18 years
- 95% of the GLA has exercised at least one renewal option
INTERNET RESISTANT RETAIL
- Alberton’s (grocery shadow anchor) and 38% of the shop space are internet resistant, essential retail and therefore mitigate the risk from the rising trends in online sales.
- Newly approved opportunity to develop a +/-5,000 SF pad site in front of Kohl’s allowing investors to create income and potentially lower basis
- Ability to spin off separately platted Wendy’s ground lease to potentially lower basis
- 4,675 SF of current vacancy that can create up to +/-$71k in NOI when leased-up at market rates