An Illinois investor has snapped up a Frisco shopping center for $71 million.
InvenTrust Properties Corp. purchased Eldorado Marketplace, an 186,068-square-foot retail center at Eldorado Parkway and the Dallas North Tollway.
The center's tenants include Market Street, PetsMart, AT&T, Jersey Mike's, Re/Max and UPS.
InvenTrust bought the Frisco property from an affiliate of Houston-based Fidelis Realty, which had owned it since 2014.
"The acquisition of Eldorado Marketplace expands our footprint in the attractive Frisco market and provides significant opportunities for future revenue growth," Stephen Snodgrass, vice president of Transactions for InvenTrust, said in a statement. "Frisco is home to a number of large corporate headquarters, including the PGA and Keurig Dr Pepper, and this property benefits from a prime, high-traffic location in this high-income and rapidly growing market."
InvenTrust owns eight properties in the Dallas area, including South Frisco Village on Preston Road, Shops at Fairview Town Center in Fairview and Prestonwood Town Center in Far North Dallas.
"InvenTrust has now acquired over $400 million of high-quality grocery-anchored centers in key growth markets year-to-date," Christy David, executive vice president for InvenTrust, said in a statement. "InvenTrust remains on track to hit the company's acquisition goals for 2019, and these acquisitions both support our strategy of investing in the right assets in the right markets."
The company is the owner and manager of 71 retail properties with a total of more than 12 million square feet of space.
