Growth Pattern Generates Retail Center Buyer

The multi-tenant retail center has recently sold to a private investor.

DENTON, TX— Lakewood Square is a 14,919-square-foot shopping center with an available 34,311-square-foot pad site on the northeast corner of Teasley Lane and Robinson Road. Built in 1986, the property was originally located at the edge of the population concentration, however with the explosive residential growth in Denton during the past several years, the property now benefits from a population of 62,973 people in a three-mile radius. The multi-tenant retail center has recently sold to a private investor for an undisclosed amount. John Zikos, Jonathan Cooper, Christopher M. Gibbons and Don Miller of Venture Commercial Real Estate ‘s investment sales team represented the seller, Lakewood Partners LP . Michelle Hudson of Hudson Peters  Commercial represented the buyer. “The sale of Lakewood Square delivered a solid return on investment for the seller and will provide excellent income-producing opportunity for the buyer, as the property is strategically located in a neighborhood experiencing a surge in population growth and real estate development,” said Cooper, a partner with Venture Commercial. Located directly across the street from a new Walmart Neighborhood Market , Lakewood Square’s tenants include Subway, Vanilla Family Dentistry, Napoli’s Italian Restaurant and other neighborhood services. Less than one mile to the south is a Kroger -anchored shopping center with Kroger reporting sales well above the Texas weekly average and a Sprouts Farmers Market -anchored shopping center that is scheduled to break ground later this year, adding 16,000 square feet of shop space (quoting $26 per square foot) and two pads available for ground lease only. This surge of new construction in the immediate trade area affords Lakewood Square the ability to push rental rates and still remain highly competitive as the low cost provider along the corridor. Cooper tells GlobeSt.com: “While we marketed this asset to a national audience, we always felt that it would go to a local buyer that would understand the true value of the property.  We feel confident this center will continue to show good returns.” The county seat is home to both the University of North Texas and Texas Woman’s University , with a combined student enrollment approaching 50,000. Along with much of Dallas/Fort Worth, Denton has grown rapidly in recent years, becoming the seventh-fastest growing city in Texas.