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PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Sommer Bukowski
PMRG | PM Realty Group
713.209.5810 (office)
214.621.3317 (cell)
sbukowski@pmrg.com

FOR IMMEDIATE RELEASE

Sep 4, 2007

PM REALTY GROUP BROKERS SALE OF MAJOR SHOPPING CENTER IN DALLAS SUBURB

DALLAS, TX - PM Realty Group (PMRG), a national, full-service commercial real estate firm, recently brokered the sale of a community retail shopping center in Waxahachie, Texas, a suburb of Dallas. The property is known as Waxahachie Towne Center. 

Built in 2005, the one-story, 281,000-square foot shopping plaza is 25 miles south of downtown Dallas. The property is situated along U.S. Highway 287 and U.S. Highway 77, both major thoroughfares feeding traffic to the community. Major retailers in the center include Lowe's, Belk, and several smaller national chains and independent retailers, with Target as a shadow anchor. 

Stephannie Mower, PMRG's executive vice president and managing director of investment services, represented WTC Unlimited in the sale. The property closed on July 21 at a sub-seven percent cap rate on stabilized income. 

“The markets south of Dallas and Fort Worth are beginning to expand, causing the region to fill in as it has already done to the north,” Mower said. “This rapidly growing and improving submarket has seen a dramatic rise in both population and average incomes. The population is expected to grow more than five percent this year alone.” 

With more than five million people, the Dallas / Fort Worth region is part of the nation's fifth largest Metropolitan Statistical Area (MSA). Waxahachie's Ellis County has a population of more than 133,950 residents and is projected to grow to 196,700 within a few years as a result of the dynamic future growth in the Metroplex.

About PM Realty Group

Headquartered in Houston, PM Realty Group (PMRG) is a privately held real estate firm of more than 1,300 employees and 21 divisional and regional offices that conducts business in every major state.

With more than 50 years of experience, PMRG provides services to a portfolio valued in excess of $30 billion. The firm’s diversified client base includes institutional and private investors, real estate investment trusts, government agencies, corporations and healthcare service providers.

PMRG focuses on creating value for its clients and offers a full spectrum of real estate services, including property and facility management, leasing, marketing, investment sales, construction management and engineering. In addition, PMRG partners with clients in comprehensive development and joint venture investment programs.