PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Whitney Williams
Marketing & Communications Manager
PMRG
(713) 209-5935

Sep 4, 2007

PM REALTY GROUP BROKERS SALE OF MAJOR SHOPPING CENTER IN DALLAS SUBURB

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.

About PMRG

PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.