Allen, Texas -- The Woodmont Company, a national real estate firm specializing in the development, management, leasing and sale of retail shopping centers, has completed the sale of McDermott Commons, a 55,560-square-foot retail center located in Allen, TX to a private investment firm.
Brad Cruickshank of The Woodmont Company represented the seller in the transaction, LNR Partners. The buyer represented itself.
Located at the southeast corner of McDermott Drive and Custer Road at 2021-2035 West McDermott Drive, McDermott Commons is anchored by a Jumpstreet Trampoline Park. The sale included the in-line retail space, two outparcels with ground leases to Taco Bell/Pizza Hut and Wendy’s, as well as a freestanding building leased to BB&T Bank. Built in 2001, McDermott Commons was 73% percent occupied at the close of escrow. The Woodmont Company has been retained by the purchaser to handle leasing at the center.
The sale of McDermott Commons comes just days after The Woodmont Company completed the $1,075,000 sale of Mt. Pleasant Plaza, a fully occupied, 7,325-square-foot retail center located at 1401 South Jefferson in Mt. Pleasant, TX. Tenants include: Little Caesar’s Pizza, Carter Blood Care, Metro PCS, Check N Go, and Diddy’s Yogurt.
Cruickshank represented the seller, Iron Point Titan Asset Management. The buyer was a private investment group based in Denton, Texas who was represented by Blake Martin of Quest Commercial Realty.
Founded in 1980, The Woodmont Company is a full-service commercial real estate company headquartered in Dallas/Ft Worth Texas. The Woodmont Company specializes in retail real estate and has expertise in ground-up development, redevelopment, asset management, property management, investment sales, marketing and leasing of regional malls, outlet centers, power centers, community centers, lifestyle centers, neighborhood centers and specialty centers. The Woodmont Company has developed more than 15 million square feet of retail real estate throughout the United States with a value of more than $4 billion and currently owns, manages and/or leases more than 15 million square feet of shopping centers, including third party management and leasing for institutional clients, realty advisors and private investors.