A Dallas investment group has taken over a high-profile shopping mall in Prosper.
Younger Partners Investments has purchased The Shops at Prosper Trail, a nearly 100,000 square foot shopping center on Preston Road. The Strip mall is next to a Kroger Marketplace grocery store and is 98% leased.
“The Shops at Prosper Trail is a great addition to our platform,” Micah Ashford of Younger Partners said in a statement. “This high-performing Kroger Marketplace drives consistent traffic to the property and is a great anchor for store tenants, who get maximum exposure.
“This place is amazing because Prosper has seen a 30% population growth over the past five years and shows no signs of slowing down.”
Dallas commercial real estate firm Younger Partners and Apricus Realty Capital launched the real estate investment fund last year with plans to acquire more than $100 million in properties.
The purchase of Prosper is the fund’s second acquisition.
Early last year, Younger Partners Investments bought Heath Town Center, a 77,669 square foot shopping mall anchored in a grocery store in Heath near Rockwall.
Ashford, Moody Younger and Kathy Permenter of Younger Partners negotiated the latest Prosper sale with Adam Howells of Jones Lang LaSalle. Financing has been arranged with Hamilton Realty Finance.
“The resilience of the Texas market is clearly evident in quality real estate assets such as The Shops at Prosper Trail,” Younger said. “All tenants are doing extremely well and the only vacancy, which we expect to rent soon, is in a newly constructed building.”