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Weitzman Negotiates Sale of McKinney Marketplace
An Austin-based LLC has acquired McKinney Marketplace, a 16,918-square-foot retail center located at 9241 Virginia Parkway in McKinney, a suburb of the Dallas/Fort Worth metroplex. Derek Schuster and Kevin Butkus with Texas-based Weitzman represented the seller, a Plano-based investment group. Details about the transaction amount and the names of the buyer and seller were not disclosed.
McKinney Marketplace, shadow-anchored by Sprouts Farmers Market and LA Fitness, is fully leased to a lineup that includes Hollywood Feed, McKinney Emergency Vet, Waterview Dentistry, Little Caesars Pizza, Club Pilates and others.
In an end of March retail report by NAI Partners, it reported positive trends in leasing activity has driven average retail asking rents higher. The Austin metro NNN average asking rent is at an all-time high of $22.00 per square feet, up 5.2% from $20.92 this time last year. With one of the strongest economies in the country over the past decade, retail landlords in Austin have significantly benefited, the report said.
- ◦Sale/Acquisition
