Tag: retail
Younger Partners Investments Acquires Grocery-Anchored Shopping Center
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.
Micah Ashford Joins Younger Partners To Lead New Retail Acquisitions Platform
Younger Partners welcomes Micah Ashford to lead a new retail acquisition platform. She is coming off a two-year hiatus from a 20-year career as a partner at Dunhill Partners, a leading commercial real estate firm in the Southwest that focuses on retail shopping centers.
“It is wonderful to join this dynamic organization with such a solid reputation in the commercial real estate industry,” Micah says. “The timing of adding this new investment platform was incredible as I return to the industry. Retail has been cruising along and the impact of the COVID-19 pandemic is unprecedented. I see this as a true opportunity.”
She is thrilled at the prospect of leading the charge in launching this new division and bringing her expertise to an already successful and growing firm.
“We immediately recognized the value that Micah brings us in this new venture,” says Younger Partners Co-Founder Moody Younger. “It was an easy decision for us.” Younger Partners Co-Founder Kathy Permenter added that retail is a specialty niche and having the experience and leadership of Micah makes for a great addition to the team.
Micah’s diversified experience encompasses all facets of commercial real estate including transactional activities, finance and acquisitions. Her role at Younger Partners will include directing acquisitions, financing, and dispositions. She will originate new property opportunities, negotiate partnerships and loan documents, as well as oversee the physical and financial due diligence on those acquisitions.
Micah began her career with Dunhill as an analyst in 1999 and built an impressive roster of key network contacts including highly qualified principals, brokers, lenders, contractors, title associates and legal advisors.
During her career, she has acquired hundreds of centers from the Laguna Design Center in Laugna Niguel, Calif., to the Dallas Design District, and the Nut Tree Legendary Road Stop in Vacaville, Calif. Other projects she’s been affiliated with include the iconic Orinda Theatre Square in Orinda, Calif., and Vintage Park, an Italian shopping promenade in Houston.
Micah can be reached at micah.ashford@youngerpartners.com or by calling 214-238-8016 (office) or 214-215-3871 (mobile).
Younger Partners Adds Retail Investment Division
Younger Partners created a new platform to acquire retail properties: Younger Partners Investments. It will target retail properties from lifestyle to neighborhood centers in the Dallas-Fort Worth Metroplex. Along with this new division comes the hire of Micah Ashford to lead the charge.
“We feel like retail is one of the most disrupted sectors of commercial real estate,” says Younger Partners Co-Founder Moody Younger. “While we can relate to the tough times COVID-19 has created for many, we are confident in the resilience of Texas and we are excited to make this investment in the future of retail and our region. The opportunity to add talent like Micah made the decision to launch this new platform an easy one for us.”
Ashford is coming off a two-year hiatus from a 20-year career as a partner at Dunhill Partners, a leading commercial real estate firm in the Southwest that focuses on retail shopping centers.
Younger Partners Co-Founder Kathy Permenter says the new division has been part of the partners’ long-term strategy. “With the market going through dramatic changes as the result of the COVID-19 pandemic, 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.
Younger says three key factors played a role in why retail was the logical choice for the investment line. First, it doesn’t conflict with Younger Partners’ existing service lines. Additionally, he believes opportunities will emerge in retail and value can be created. Finally, Ashford’s availability to lead the team was the clincher.
You can reach Micah Ashford at micah.ashford@youngerpartners.com or 214-238-8016 (office) and 214-215-3871 (mobile.) For more information on her joining Younger Partners, see her new hire press release here.