Retail Center Sale Highlights Exponential Value

IRVING, TX—The Victory Shops at Royal retail center is the first of a four-phase retail development that was completed by Victory Real Estate Group in May 2017. It is located at 411 East Royal Ln. Victory Group also developed the 12-acre development at the northwest corner of West Royal Lane and North MacArthur Boulevard.

Nearby recently completed multifamily developments provide exponential value for retailers as more residents move to the area. Victory Shops at Royal is located minutes from downtown Las Colinas, as well as Citigroup and Fluor's global corporate offices. The property is also near multiple major highways including Interstate 635, Interstate 35, 114 and the George Bush Tollway.

JLL recently facilitated the sale of the shopping center, with JLL associate Rose Meza leading the sales efforts on behalf of Victory Group. Steve Music with Steve Music Company represented the buyer, an out-of-market investor. The sale includes 15,472 square feet of retail space and the 1.5 acres on which the shopping center is located. The terms of the transaction were not disclosed.

“Victory continues to see multi-tenant retail opportunities. Land owners feel the need to ask for much higher prices for land, which translates to higher rents for our tenants,” Tony Ramji, president/CEO of Victory Real Estate Group tells GlobeSt.com. “We are very fortunate to have made numerous strategic acquisitions several years ago, which allows us to continue to deliver competitive rents in high-quality retail centers.”

Five Fortune 500 and nine Fortune 1000 companies have global headquarters located in Irving. The city is home to more than 8,500 companies overall, including more than 140 international companies.

As of February 2017, the unemployment rate in Irving was lower than the rate in Texas as a whole, in addition to the US unemployment rate at 3.4%, compared to 5.1% in Texas and 4.9% nationally, according to the Texas Workforce Commission.