KELLER PLACE
KELLER, TX
$14,280,000
93,541 SQ FT.
AT A GLANCE
Dominant investment grade Kroger (S&P; BBB) grocery anchored center.
Strong demographics in the affluent city of Keller; more than 112,000 residents with an annual household income of approximately $101,000 within a three-mile radius.
Upside opportunity throught leasup; avialable street frontage pad development.
CHALLENGES
Could no provide clean anchor estoppel at close of escrow.
Minimal historical leasing activity along with underdeveloped pads.
Brand new Kroger development close to subject property.
MARKETING STRATEGY
Highlighted strength of anchor tenant - with healthy rento-to-sales ratio.
Positioned stength of location in affluent Keller with over $100k annual household income.
Utilized local leasing expert and underwrote pro forma of the center.
RESULTS
Found a strong buyer who already owned in the trade area.
Developed solution to finalize the transaction without a clean estoppel from Kroger.
Achieved historically low 5.67% cap rate for the trade area.