Younger Partner Buys McKinney Retail Center Amid Hot Demand

A retail center in McKinney is part of a two-property deal that expands Younger Partners Investments’ Texas holdings.

The Dallas-based firm, co-led by managing partners Kathy Permenter and Moody Younger, acquired 380 Towne Crossing, a 137,200-square-foot retail center at the northwest corner of U.S. Route 75 and State Highway 380. Dallas-based developer Weber & Company was the seller, and the price wasn’t disclosed.

The financial terms of the deal were not disclosed, but the taxable value of the retail center is $38.4 million, according to the Collin Central Appraisal District.

The complex, at 2014 West University Drive, is 98 percent occupied. Tenants include FedEx, Buffalo Wild Wings, Leslie’s Pool Supplies, Cook Children’s Pediatrics and Sleep Experts. The center benefits from high visibility, being shadow-anchored by Target and Lowe’s.

About 13,500 square feet is available, including a 12,000-square-foot building that will soon be vacated by Party City. The retailer, which filed for bankruptcy protection in December, will remain in the space until February, according to Micah Ashford of Young Partners.

The McKinney acquisition is part of a broader expansion strategy for the firm. Along with 380 Towne Crossing, the firm also purchased Longview Towne Crossing, spanning 150,775 square feet at 3092 North Eastman Road in the East Texas town. The acquisition marks Younger Partners’ first investment in that region.

Longview Towne Crossing is 96 percent occupied with major tenants such as PetSmart, Five Below and Old Navy.

The McKinney and Longview purchases add nearly 290,000 square feet to the firm’s Texas holdings.

Other acquisitions in the region include Heath Town Center, a 77,700-square-foot grocery-anchored retail center, which it bought in early 2021, and the Shops at Prosper Trail, a 97,000-square-foot retail center on Preston Road

The company also bought Crockett Row in Fort Worth’s Cultural District and a 6,500-square-foot parcel at 915 Currie Street. The firm’s retail portfolio spans over 1 million square feet statewide.

Dallas-Fort Worth leads the nation in retail demand, with 3.1 million square feet of absorption last year, according to M&D Real Estate. Vacancy is sitting at about 4.5 percent, and rent growth increased 4.5 percent last year.

— Andrew Terrell