September 16, 2022 – Luke Thomson and Joseph Pellecchia of Horvath & Tremblay have successfully completed the sale of the Shops on 380 in Princeton, Texas. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $1,650,000.
Shops on 380 are located at 130 West Princeton Drive in Princeton, Texas. The Property consists of a 4,880 square foot retail center on a 0.32-acre parcel of land. The Property is 100% leased to four (4) tenants, Papa John’s, Cricket Wireless, El Arte Cutz Barbershop, and Frosty Paleteria. Three of the four tenants have 4+ years remaining on their net leases and the fourth tenant has 7+ years remaining on their modified gross lease. The retail center features a complimentary mix of nationally recognized and local tenants offering products and services for the surrounding community. The Property enjoys outstanding visibility and frontage along West Princeton Drive (US Highway 80), and benefits from outstanding traffic counts exceeding 32,600 vehicles per day. US Highway 380 is the area’s primary commercial and commuter corridor and is a major North Texas east/west thoroughfare that provides regional mobility between Denton and Collin Counties. The Property is situated in a high growth community on the northern edge of DFW with close proximity to premier north Dallas suburbs such as McKinney and Allen. The area has seen substantial investment in development and expansion of infrastructure which has triggered several high-profile developments that are currently planned or under construction along Highway 380. Most notably, Princeton Crossroads is a new 297-acre, mixed-use project located approximately one mile east of Shops on 380.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.