Head Capital Partners has sold Independence Square, a 140,218-square-foot shopping center in Plano, Texas, to Fidelity Investments. JLL Capital Markets arranged the transaction.
Built back in 1977, the property at 3100 Independence Parkway sits on 13.3 acres and features multiple retail and dining options. The longest-reigning storefront is supermarket Tom Thumb, which has operated at Independence Square for 46 years.
Other stores at the location include Lily’s Cafe, Starbucks and Mudleaf Coffee, among others. In December, global retail chain Daiso opened a new store at the property. The shop occupies 8,400 square feet, selling a vast selection of Japanese merchandise including decor, food and stationery.
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Head Capital Partners previously bought the retail center in 2023 for approximately $18.9 million, with a $13.2 million loan from Dallas Capital Bank, CommercialEdge data shows. The property currently has an occupancy of 93 percent rate, with a weighted average lease term of 4.6 years.
JLL Capital Markets’ Investment Sales and Advisory team led by Senior Managing Director Chris Gerard, Director Erin Lazarus and Senior Managing Directors Barry Brown and Adam Howells represented Head Capital Partners in the transaction.
Strategically positioned in a high-density suburban area, Independence Square experiences high levels of traffic. The population within a 15-minute radius is expected to surpass 430,000 by 2029, with 2024 averages showing household incomes exceeding $146,000 and home values rising above $550,000.
