Henry S. Miller Cos. Acquires Mills Pointe, 126,000SF Shopping Center in Carrollton, TX
(Carrollton, TX) – Henry S. Miller Cos. recently acquired Mills Pointe, a 126,000 square-foot shopping center in Carrollton. The center consists of two buildings on 11.47 acres of land located at the southeast corner of Trinity Mills Road and Marsh Lane. Darrell Hurmis, Principal of the Investments and Land Division at Henry S. Miller, represented both parties in the transaction—HSM Mills Pointe Partners, LP and an undisclosed seller.
Mills Pointe was constructed in 1985 and renovated in 2016. The center is 80% leased and anchored by Fitness Connection, which took over the space vacated by Tom Thumb. Other existing tenants include a combination of recognizable franchises such as Subway, H&R Block, State Farm and The UPS Store as well as other independent restaurants and services including Mena’s Tex Mex, Lin’s Asian Buffet, Quinlan’s Bar and Grill, Michele’s Salon, Carrollton Chiropractor, S&L Cleaners, Blue Dental and Fancy Nails.
“Mills Pointe was bought off-market and below replacement cost,” said Mr. Hurmis. “We also appreciate the potential of this center, because the remaining vacancies can be leased at very competitive rates for the area. Mills Pointe represents the good deal that we are always in the market to find.”
Greg Miller, CEO of Henry S Miller Cos. noted, “Brick and mortar retail is evolving with the advent of online sales. Accordingly, we’re adapting our shopping center portfolio towards ‘Internet resistant’ retail such as entertainment, fitness, restaurants and other services that can’t be replicated online.”