Younger Partners Investments (YPI) completed its first retail acquisition: Heath Town Center, a 77,669-square-foot grocery-anchored retail center at FM 549 and Laurence Drive in Heath. YPI is Younger Partners’ newest platform designed to acquire retail properties. YPI was launched in July 2020 to target retail properties from lifestyle to neighborhood centers throughout the Dallas-Fort Worth area.
The newly built shopping center is anchored by a top-performing Tom Thumb grocery store alongside its 12-pump fuel station and in-store Starbucks. The property’s occupancy is 98 percent with one small vacancy of 1,827 rentable square feet. Younger Partners will handle the property management and leasing of the property.
Younger Partners’ Micah Ashford, Moody Younger and Kathy Permenter represented YPI in the acquisition. JLL’s Adam Howells represented the seller, Malouf Interests, Inc. Financing arranged by Adam Mengacci of Hamilton Realty Finance. Terms of the deal were undisclosed.
“This is a great property to launch our new platform,” says Micah Ashford, who leads YPI’s efforts. “This high-performing Tom Thumb provides consistent traffic patterns to the property and serves as an excellent anchor for the shop tenants, who benefit from maximum exposure. This location is incredible as the City of Heath has seen population growth of 40 percent over the last 10 years.”
Demand has increased at the intersection of FM 549 and Laurence Drive, which was recently expanded. The property is also located immediately adjacent to two heavy daytime traffic generators, Rockwall-Heath High School to the north and Amy Park Elementary School to the south, Ashford adds.
“We feel like retail is one of the most disrupted sectors of commercial real estate,” says Younger Partners Co-Founder and YPI Partner Moody Younger. “While we can relate to the tough times COVID-19 has created, we are confident in the resilience of Texas and we are excited to make this investment in the future of retail and our region. We are actively seeking our next acquisition now.”
Younger Partners Co-Founder and YPI Partner Kathy Permenter says the new division has been part of the partners’ long-term strategy. “With the market going through dramatic changes, this is a good time to do it. I started my career in retail, and it continues to interest me. I look forward to investing in this sector,” she says.