ALLEN, TX-The Woodmont Company has completed the sale of McDermott Commons, a 55,560-square-foot retail center here, to a private investment firm.
Brad Cruickshank of The Woodmont Company represented the seller in the transaction, LNR Partners. The buyer represented itself.
Located at the southeast corner of McDermott Drive and Custer Road McDermott Commons is anchored by a Jumpstreet Trampoline Park. The sale included the in-line retail space, two outparcels with ground leases to Taco Bell/Pizza Hut and Wendy's, as well as a freestanding building leased to BB&T Bank. Built in 2001, McDermott Commons was 73% percent occupied at the close of escrow. The Woodmont Company has been retained by the purchaser to handle leasing at the center.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
