Weekly Real Estate News
Prudent Growth Partners LLC, a private equity real estate firm based in Chapel Hill, NC, has completed its $7.4 million acquisition of Scenic Square, a 28,850-square-foot neighborhood retail center located in the Dallas-area suburb of Rowlett, Texas, within the Dallas-Fort Worth metroplex.
The property is currently 100% occupied and features a diverse mix of food, medical, retail, and service-oriented tenants including Baylor Scott & White Outpatient Rehabilitation, HealthPro Pharmacy & Wellness Center, Eagle Food Beer & Wine, Wanda’s Studio, and The Track Bar & Grill. The center is positioned directly across from Tom Thumb and Walmart Neighborhood Market, which collectively generate approximately 1.69 million annual visits, and is adjacent to Baylor Scott & White Lake Pointe Medical Center.
According to the company, the center’s current average rental rates are approximately 25% below surrounding market rents, which enables the potential for long-term income growth through strategic leasing and lease renewals.
“Scenic Square reflects our continued focus on acquiring well-positioned neighborhood retail centers with stable cash flow, strong underlying fundamentals, and meaningful upside through active management,” said Tom Hahn, president and CEO of Prudent Growth Partners.
