Prudent Growth Partners completed the acquisition of Scenic Square, a 28,850-square-foot neighborhood retail center in Rowlett, Texas, for $7.4 million. The property marks another addition to the Chapel Hill, North Carolina-based private equity real estate firm’s portfolio of open-air retail assets.
Located at the intersection of Lakeview Parkway and Scenic Drive within the Dallas-Fort Worth metroplex, Scenic Square benefits from strong visibility along a major retail corridor with approximately 40,200 vehicles passing daily. The center is positioned across from Tom Thumb and Walmart Neighborhood Market, which together attract roughly 1.69 million annual visits, and sits adjacent to Baylor Scott & White Lake Pointe Medical Center.
Scenic Square is fully occupied and houses a diverse tenant base spanning food, healthcare, retail, and service businesses. Key tenants include Baylor Scott & White Outpatient Rehabilitation, HealthPro Pharmacy & Wellness Center, Eagle Food Beer & Wine, Wanda’s Studio, and The Track Bar & Grill. Most leases are structured as triple-net agreements, supporting stable in-place cash flow.
The acquisition gives Prudent Growth exposure to one of the fastest-growing communities in the Dallas-Fort Worth region. More than 295,000 residents live within a seven-mile radius of the property, where average household incomes are approximately $144,000. The broader Dallas-Fort Worth market continues to benefit from strong population growth, corporate relocations, and sustained consumer demand.
Prudent Growth also sees additional upside at Scenic Square. Average rents at the property are currently about 25% below surrounding market levels, creating opportunities for future income growth through lease renewals and strategic leasing initiatives.
The company said the property’s combination of full occupancy, healthcare-oriented tenants, strong traffic counts, and below-market rents aligns with its strategy of acquiring stabilized retail assets with embedded value-add opportunities in high-growth markets.
Prudent Growth Partners specializes in acquiring, managing, and enhancing commercial real estate assets across the United States, with a focus on open-air retail and neighborhood shopping centers.
KEY QUOTES:
“Scenic Square reflects our continued focus on acquiring well-positioned neighborhood retail centers with stable cash flow, strong underlying fundamentals, and meaningful upside through active management.”
Tom Hahn, President and CEO, Prudent Growth Partners, LLC
