JLL Capital Markets has completed the sale of Shops at Prosper Trail, a fully occupied retail property located in Prosper, Texas. The transaction was arranged by JLL on behalf of the seller, Dallas-based Younger Partners Investments. Phillips Edison & Company is the buyer.
The 86,698-square-foot center opened in 2016 and sits at the intersection of Preston Road and Prosper Trail. This location handles more than 43,000 vehicles daily. The property ranks in the 94th percentile for neighborhood centers nationwide and leads all nearby centers in visits per square foot. It draws approximately three million visitors each year.
Prosper is situated 35 miles north of downtown Dallas. The area surrounding the shopping center has seen significant demographic shifts. The three-mile trade area recorded an average household income of $189,083. The local population increased by 31 percent since 2020. Projections indicate the city will grow by another 70 percent by 2049. More than 8,000 multi-family units are currently being built within a 10-mile radius.
Grocery competition is limited in the immediate vicinity of the property. The nearest major competitors are located between five and eight miles away. An HEB store is currently under construction less than five miles from the center.
Micah Ashford, managing director at Younger Partners Investments, stated that the property has been a strong investment. He noted that the team achieved full occupancy and surpassed investor expectations with the sale. Ashford predicted that rent growth will remain robust in North Texas as the firm expands its retail holdings.
