Marcus & Millichap Arranges Off-Market Sale of Fully Leased 72,551-SF Granbury, Texas Shopping Center

Marcus & Millichap has arranged the off-market sale of Granbury Lakeside Center, a 72,551-square-foot shopping center in Granbury, Texas, the firm announced Sept. 10, 2026. The property is 100% leased on triple-net terms to a mix of national and regional tenants and sits along the city's primary retail corridor.

Deal Details: Granbury Lakeside Center

The property is located at 1420 E. U.S. Highway 377 in Granbury, Texas. Built in 2019, the shopping center spans three adjacent parcels totaling 6.02 acres. Tenants include HomeGoods, Ulta Beauty, Five Below, Cavender's and Aaron's. Under triple-net lease structures, tenants are responsible for property taxes, insurance and maintenance costs, with the owner collecting net rent.

The center is situated near a Walmart Supercenter, The Home Depot and H-E-B, positioning it within an established retail trade area along Granbury's dominant commercial corridor. The buyer, Dunhill Partners, plans to continue operating the property as a stabilized retail investment.

Philip Levy, executive managing director investments in Marcus & Millichap's Dallas office, represented the private seller and procured the buyer in the off-market transaction.

Broker Commentary: Retail Fundamentals Driving Activity

"We remain positive on the market, particularly for well-located, stabilized retail assets," Levy said. "Limited new retail construction, healthy tenant demand and continued private-capital interest should support occupancy, rental growth and investment activity."

The transaction reflects broader conditions in the Texas retail investment market, where vacancy has reached historically tight levels. Statewide retail vacancy stood at approximately 4.4% heading into the third quarter of 2026, the tightest reading in more than 25 years, with the new-supply pipeline described as the thinnest in a generation. Grocery-anchored and power centers in particular have seen strong occupancy and multiple competing offers for available space.

Texas Retail Market Context

The constrained supply environment has supported pricing for stabilized retail assets across Texas. Cap rates for multi-tenant, grocery- or power-anchored centers in primary submarkets have ranged from approximately 6.1% to 7.2% in recent quarters, with modest compression at the tight end of that range. Single-tenant NNN assets with longer lease terms have traded in the 5.3% to 6.4% range.

Granbury Lakeside Center's tenant roster — anchored by off-price, value-oriented and specialty retailers — reflects the category of tenants that have demonstrated consistent demand for physical retail space. The property's 2019 vintage construction, full occupancy and NNN lease structure represent characteristics that have attracted private-capital buyers seeking income-producing assets with limited near-term capital requirements.

About Marcus & Millichap

Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services. As of Dec. 31, 2025, the company had 1,808 investment sales and financing professionals in more than 80 offices across the United States and Canada. The firm closed 8,818 transactions in 2025, with a total sales volume of approximately $50.9 billion.

Sources

Marcus & Millichap Press Release: Granbury Lakeside Center Sale, Sept. 10, 2026