Younger Partners Investments has acquired Presidio Junction, a fully leased, three-property retail portfolio totaling 375,000 square feet at the intersection of I-35W and North Tarrant Parkway. The seller was developer Weber & Company, which brought the properties to market after completing the multi-phase retail project.
The Presidio Junction portfolio comprises three contiguous centers: Presidio Towne Crossing, Tehama Towne Crossing and Vista Ridge. All three shopping centers are reported to be 100% leased at the time of sale, providing the buyer with a fully stabilized income stream from the outset of the investment.
The centers are shadow anchored by a Target and a Costco, which help drive sustained customer traffic to the property. Inline space is occupied by a roster of national retailers including TJ Maxx, HomeGoods, Ross, Aldi, Petco, Old Navy and Sephora, giving the portfolio a broad mix of soft goods, discount, grocery and specialty offerings. The tenant lineup positions the asset as a regionally focused retail destination.
Presidio Junction was developed between 2015 and 2020, making it a relatively recent addition to the local retail landscape. In addition to the multi-tenant inline space, the property includes nine ground leases to restaurant and retail users. Ground-lease tenants include Whataburger, Chick-fil-A, Uncle Julio’s, Jack in the Box and Chuck E. Cheese, adding a significant food and family entertainment component to the overall merchandising plan.
The buyer’s efforts on the transaction were led by Younger Partners’ leadership team of Micah Ashford, Moody Younger and Kathy Permenter, with support from team members Cort Martin and Susan Rasberry. Following the acquisition, Younger Partners Property Services has been engaged to provide property management services for Presidio Junction, while Younger Partners will oversee the leasing program for the three centers.
The capital stack for the acquisition includes a senior loan facility provided by a life insurance company, underscoring life-company participation in retail lending for stabilized assets. In addition to the senior debt, the transaction also involved a preferred equity component. Institutional Property Advisors’ Adam Mengacci arranged both the senior loan and the preferred equity on behalf of the ownership, aligning long-term debt with structured equity capital for the portfolio.
