Major retail center sells in Midlothian southwest of Dallas

One of the largest retail centers in Midlothian, southwest of Dallas, has sold to a local investment group.

Younger Partners Investments bought Midlothian Towne Crossing shopping center on U.S. Highway 287 and FM 663.

The 147,000-square-foot big box retail center is anchored by a Kroger supermarket. Other tenants include Ross Dress for Less, Joann, Petco, Ulta, Burkes Outlet, Edward Jones and Supercuts. The property is almost fully leased.

The acquisition was financed with a $27.8 million loan arranged by Marcus & Millichap Capital.

Younger Partners’ Moody Younger, Kathy Permenter and Micah Ashford negotiated the purchase with CBRE Group’s Chris Cozby, Harrison Tye and Jim Batjer.

“This is a prime location — with 41,000 vehicles per day passing this center on 287 and another 19,000 vehicles on FM 633 — featuring a highly successful Kroger-anchored center in the heart of a rapidly growing community,” Younger said in a statement.

Younger Partners Investments bought the property from the developer and original equity partners, Ashford said.

It’s the latest acquisition for the firm that now owns more than 600,000 square feet of properties across North Texas.

The Dallas-based commercial property firm set up the division in 2021 to acquire retail properties. Its first acquisition was Heath Town Center, a 77,669-square-foot grocery-anchored retail center.

Since then, Younger Partners acquired an almost 100,000-square-foot retail center on Preston Road in Prosper. It also bought the Crockett Row retail center in Fort Worth’s cultural district. The property has since been renamed Artisan Circle.

While sales of some commercial properties have slumped because of financial challenges, purchases of North Texas retail real estate have seen an uptick in the last year.