News & Market Insights

Property Sale

Marketplace at Craig Ranch Sold in McKinney, TX

Sam House represents seller of shopping center

Sam House, who recently joined Secure Net Lease, completed the sale of Marketplace at Craig Ranch in McKinney, TX. Secure Net Lease is a nationally-recognized brokerage firm, which according to Costar, has sold more retail property in Texas since 2019 than any other company. The 11,827-square-foot retail shopping center is located in the booming Craig Ranch corridor of McKinney, TX within the Dallas-Fort Worth Metroplex.

Secure Net Lease’s Sam House represented the seller, a Texas-based developer. The buyer was a Texas investor that sought to increase its retail market share in the Dallas-Fort Worth Metroplex.

“This asset appealed to investors seeking long-term, sustainable cash flow,” said House. “Yet, an investor can realize significant upside via built-in step rent structures in this 2018-built retail center in a high growth market surrounded by an affluent customer base.” House procured 11 offers for the Marketplace at Craig Ranch and successfully navigated a host of hurdles ranging from contractor issues, capital markets complexities and differing perspectives between buyers and sellers, including an initial buyer that was under contract but dropped out when they were unable to secure financing, noted House.

Marketplace at Craig Ranch is comprised of a single building that is configured with six tenant spaces. The property is strategically situated on 1.54 acres at 4701 S. Custer Road adjacent to newly constructed multifamily and residential homes in a high-income and high-growth submarket. Its superior location, ease of access and strong visibility allows the growing consumer base convenient access to the center. The Marketplace at Craig Ranch is 100% occupied and features long-term, regional credit leases with a weighted average lease term of 6.4 years.

“The closing of this transaction in a tight timeline can be credited to our aggressive marketing outreach campaign, strong local relationships, and collaboration with the brokerage community to produce several highly competitive back-up offers,” said House. “Ultimately, we landed on a local private investor who came in as an all-cash buyer at a 5.35% cap rate and was able to close quickly just under the seller’s full list price.”

McKinney is an affluent city northeast of Dallas and is one of the fastest-growing cities in the country. McKinney has added more than 100,000 new residents in the last decade. The area also has one of the highest median household incomes in the Dallas-Fort Worth Metroplex, coming in at just over $100,000. McKinney has emerged as a top target for developers, investors and tenants looking to take advantage of the favorable demographics in this area of the Dallas-Fort Worth Metroplex.

About Us Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single and multi-tenant retail investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

Ultimately, we landed on a local private investor who came in as an all-cash buyer at a 5.35% cap rate and was able to close quickly just under the seller’s full list price.

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