With retail roaring in Dallas suburbs, some local family investors are cashing out.
The financial services giant Fidelity has acquired Independence Square, a 140,000-square-foot grocery-anchored shopping center at 3100 Independence Parkway in Plano, the Dallas Business Journal reported.
Financial terms of the deal, which closed last month, were not disclosed.
The 13-acre property was sold by an entity led by Head Capital Partners’ Scott Head and co-owned by Sterling Family Partners, records show. It was marketed by JLL Capital Markets’ Chris Gerard, Erin Lazarus, Barry Brown and Adam Howells.
Independence Square is 93 percent leased and anchored by a Tom Thumb grocery store that’s operated at the site for more than 40 years. The center was built in 1977 and renovated in 2005. It has an average lease term of just over four years.
Fidelity has become a significant real estate investor in recent years. It reported revenue of $32.7 billion last year and laid off 700 workers a year ago.
Dallas-Fort Worth’s retail real estate market is among the strongest in the country.
Retail occupancy in the metro reached 95.1 percent at the end of last year, near an all-time high, and the market has stayed above 90 percent for the past 11 years, according to Weitzman. With nearly 200 million square feet, it is the largest retail market in Texas.
Retail construction is expected to ramp up this year, driven by a wave of grocery-anchored centers and mixed-use projects. Delivery volume is projected to reach 2.7 million square feet, the most in seven years, with major players like H-E-B, Walmart and Costco leading the way.
Plano in particular has benefited from the metro’s population boom. Dallas-Fort Worth added nearly 178,000 new residents between July 2023 and July 2024, ranking third nationwide, per Census data. That’s roughly 487 people per day, a trend that continues to drive investor interest in stable, well-leased retail centers.
— Judah Duke
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