Dunhill Partners acquired two grocery-anchored shopping centers totaling 220,938 square feet in Texas. A JLL Capital Market’s Investment Sales and Advisory team, led by Chris Gerard and Adam Howells, represented the seller, Phillips Edison & Co.

The portfolio consists of Northpark Village, a 70,479-square-foot shopping center in Lubbock, and Commerce Square, a 150,459-square-foot retail center in Brownwood. Both properties are 100% occupied and anchored by leading grocery retailers with strong market positions.

Northpark Village anchored by United Supermarkets (shown), part of the Albertsons Family of Companies. The center features a weighted average lease tenure of 29.2 years and minimal rollover exposure of less than 11% within the first three years.

Commerce Square in Brownwood features national tenants including TJ Maxx, Aldi, Boot Barn and Harbor Freight. Current in-place rents sit 32% below market value, providing substantial upside opportunity with a projected 5.74% seven-year compound annual growth rate. The property also offers two future pad development opportunities totaling approximately 1.5 acres.