Fort Worth, Texas — Younger Partners Investments has acquired a 375,000-square-foot retail portfolio located at I-35 West and North Tarrant Parkway in Fort Worth. The portfolio, known as Presidio Junction, comprises three neighboring retail properties: Presidio Towne Crossing, Tehama Towne Crossing and Vista Ridge. The fully leased shopping centers are shadow anchored by Target and Costco and feature a mix of additional tenants such as T.J. Maxx, HomeGoods, Ross, Aldi, Petco, Old Navy, Sephora, Shoe Carnival, Five Below, Daiso and Rally House.
Developed between 2015 and 2020, the portfolio also includes nine ground leases with Whataburger, Chick-fil-A, Uncle Julio’s, Jack in the Box and Chuck E. Cheese.
Moody Younger, Micah Ashford, Kathy Permenter, Cort Martin and Susan Rasberry internally represented Younger Partners in the transaction. Adam Mengacci of Institutional Property Advisors (IPA) arranged acquisition financing through a senior loan from a life insurance company and preferred equity from an institutional investor. The developer and seller was Weber & Co.
Younger Partners Property Services will manage the Presidio Junction portfolio, while Younger Partners will handle leasing at the property. The firm will also begin updating Presidio Junction this year with wayfinding improvements and additional signage.