DALLAS, TX - PM Realty Group (PMRG), a national, full-service commercial real estate firm, recently brokered the sale of a community retail shopping center in Waxahachie, Texas, a suburb of Dallas. The property is known as Waxahachie Towne Center.
Built in 2005, the one-story, 281,000-square foot shopping plaza is 25 miles south of downtown Dallas. The property is situated along U.S. Highway 287 and U.S. Highway 77, both major thoroughfares feeding traffic to the community. Major retailers in the center include Lowe's, Belk, and several smaller national chains and independent retailers, with Target as a shadow anchor.
Stephannie Mower, PMRG's executive vice president and managing director of investment services, represented WTC Unlimited in the sale. The property closed on July 21 at a sub-seven percent cap rate on stabilized income.
"The markets south of Dallas and Fort Worth are beginning to expand, causing the region to fill in as it has already done to the north," Mower said. "This rapidly growing and improving submarket has seen a dramatic rise in both population and average incomes. The population is expected to grow more than five percent this year alone."
With more than five million people, the Dallas / Fort Worth region is part of the nation's fifth largest Metropolitan Statistical Area (MSA). Waxahachie's Ellis County has a population of more than 133,950 residents and is projected to grow to 196,700 within a few years as a result of the dynamic future growth in the Metroplex.