Investment Highlights
Premier Kroger-Anchored Center in Dallas/Ft. Worth.
Keller Place is a dynamic, neighborhood shopping center located in Keller, Texas. Anchored by a 61,911 square foot Kroger store, Keller Place features 94,197 square feet of premium retail space including a freestanding outparcel that is ground leased to Swig until mid-2034. Built in 2002, Keller Place has been anchored by Kroger since its opening. In 2024, Kroger constructed and opened a fuel center featuring 10 fuel pumps with an investment by Kroger of more than $1.5 million. Kroger’s increasing annual sales at Keller Place for the period ending June 30, 2023, were $31.97 million ($516/SF) which represents a 22.1% increase over Kroger’s sales in 2019.
Actionable, Substantial Value-Add Opportunity including Pad Site.
Currently 94.5% leased, Keller Place is a popular and well-established retail center with fifteen (15) existing tenants and three (3) small shop vacancies. The collateral for sale includes a prime, separately platted 2.3-acre pad site that sits adjacent to Kroger and fronts Rufe Snow Drive. This tract could be sold at a market premium and would allow an investor to lower its basis in the shopping center by 75-100 basis points based on the going-in acquisition cap rate. Alternatively, the pad site could be leased/ground leased to a future tenant or significantly more shallow bay depth shop space could be added to the existing center.
Institutional Ownership and Landlord Capital Improvements.
Keller Place has been institutionally owned and operated since it was acquired in 2015. Since its acquisition, current ownership has completed over $500,000 of property improvements including upgrades to façade, sidewalks and exterior painting.
Very Affluent Household Incomes and Dense Population.
Keller Place is surrounded by highly affluent incomes and dense population. Average household incomes (2023) exceed $154,303 within a 1-mile radius with more than 13,842 residents. Within a 3-mile radius of the center, there are more than 114,694 residents with average household incomes exceeding $139,965. Within a 5-mile radius, there are more than 298,849 residents with average household incomes of $134,713.
Below-Market Rents and Compelling Rent Growth.
Over a 10-year hold period, the compound annual growth rate (CAGR) at Keller Place exceeds 3.3% based on organic rent growth and using conservative market lease rate assumptions. Existing rents at Keller Place average only $12.57/SF and are considered well-below market in the Keller submarket. Approximately 87% of the existing tenants at Keller Place do not have renewal options or have FMV options, allowing an investor to materially increase existing shopping center rents over the hold period.
Excellent Visibility and Access with Signage.
Keller Place is located at the signalized, southeast corner of Rufe Snow Drive and North Tarrant Parkway with more than 43,972 vehicles passing by the center each day. The shopping center maintains five (5) access points allowing convenient ingress/egress for shoppers and features two (2) prominent, multi-tenant monument signs.
Unencumbered Asset.
Keller Place is being offered free and clear of any existing debt.
Site Plan
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Demographics
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Location
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Keller Place War Room
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