SITE Centers Sells DFW-Area Shopping Center for $42M

SITE Centers Corp. has sold Marketplace at Highland Village, a 206,926-square-foot shopping center in Highland Village, Texas. Sterling Organization purchased the property for $42 million, according to CommercialEdge data.

JLL Capital Markets arranged the transaction, with Senior Managing Directors Chris Gerard and Barry Brown and Director Erin Lazarus working on behalf of the seller. At the time of the sale, the retail center was 93 percent leased.

The tenant roster at Marketplace at Highland Village includes a mix of national and regional retailers such as T.J. Maxx, Home Goods, LA Fitness, Dollar Tree, DSW, Petco, Sola Salon Studio, One Stop Nutrition, Enterprise and Clothes Mentor.

Located at 3060 Justin Road, the shopping center is at the intersection of Justin Road and Village Parkway. Highland Village serves approximately 178,365 individuals within a 5-mile radius, with the average household income of $198,546 within a 1-mile radius. Due to its location in the affluent suburb of Highland Village, the property has recorded over 4.3 million visits annually, according to JLL.

The retail sector demonstrates resilience

SITE acquired Marketplace at Highland Village more than a decade ago for $33.9 million, CommercialEdge shows. At the end of last year, the company sold a 208,572-square-foot grocery-anchored shopping center in Buena Park, Calif. In the same period, Sterling Organization purchased a 111,635-square-foot grocery-anchored shopping center in Bristow, Va., for $31.4 million.

Veteran retail investor Gary Rappaport recently told Commercial Property Executive that grocery-anchored shopping center is the best place for new investors who want to hold a direct ownership in commercial real estate to put some cash in this year or in 2025.