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Dallas-based commercial real estate investment firm, Younger Partners Investments (YPI), has acquired 137,287 square feet of retail space at McKinney's 380 Towne Crossing. This is part of a larger portfolio acquisition from developer Weber & Company, which includes another property in East Texas.

    The McKinney location boasts a diverse mix of tenants, including Guitar Center and Cook Children's Pediatrics, with high visibility on the northwest corner of US 75 and Highway 380. YPI managing director Micah Ashford says the company is focused on acquiring well-located, well-leased assets in the D-FW metroplex.

    "We're looking for areas with strong demographics and shadow anchors that draw shoppers to the center," Ashford explained. "In McKinney's case, we have Target and Lowe's as anchor stores, which are part of the overall shopping experience but not part of our owned space."

    YPI saw an opportunity in the economic disruption caused by the COVID-19 pandemic, which led to a number of brick-and-mortar retailers struggling to stay afloat. The company hopes to upgrade tenants, leasing to businesses with stronger fundamentals and a tolerance for higher rents.

    For example, YPI is eyeing the former Party City space at 380 Towne Crossing, which could be re-leased to a soft goods business at a higher rent than what Party City was paying. Similarly, the shopping center also has a Joann Fabrics and Crafts store, which recently filed for bankruptcy.

    YPI's acquisition of retail space in McKinney and East Texas brings its total portfolio to over 1 million square feet across six cities. The company is looking to expand north from Dallas along the corridor into Oklahoma in 2025.