On Jan. 21, JLL Capital Markets announced that it closed the sale of Marketplace at Towne Center, a 180,522-square-foot retail center in the Dallas-Fort Worth suburb of Mesquite.
JLL marketed the property on behalf of the seller, Retail Value Inc. (NYSE:RVI). A private local investor purchased the asset.
Situated on 20.48 acres, Marketplace at Towne Center is at the northwest corner of US 80 and Interstate 625 (Lyndon B. Johnson Freeway), a heavily trafficked intersection with more than 288,000 vehicles per day and one that is supported by $7.3 billion in spending power within a five-mile radius. The retail center is adjacent to the 1.4-million-square-foot Towne East Mall and in an area of high density. Nearly 132,000 residents earning an average annual household income of $58,873 live within a three-mile radius of the property. Marketplace at Towne Center is home to PetSmart, Ross Dress for Less, Old Navy, Dress Barn, Five Below, Famous Footwear, Applebee’s and more. It is also shadow anchored by a Kohl’s and The Home Depot.
The JLL Capital Markets team was led by Senior Managing Directors Barry Brown, Chris Gerard and Ryan Shore; Director Aaron Johnson; and Analysts Ross Crawford and Matthew Wheeler.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.