DSW, Havertys to Fort Worth’s Alliance Town Center
Fort Worth, Texas — Trademark Property Co. has announced the opening of a 15,000-sq.-ft. DSW Designer Show Warehouse and a 35,000-sq.-ft. Havertys, a full-service home furnishings retailer, in Alliance Town Center in north Fort Worth, Texas. Both are scheduled to open Labor Day weekend of 2014.
Construction is scheduled to begin late this year or early next year on both stores. In addition, construction continues on several other tenants, including two new eateries scheduled to open this December.
Three additional new tenants will open at the 1-milliono-sq.-ft. Alliance Town Center in 2014. They are Cold Stone Creamery, Lane Bryant and H&R Block.
Trademark has also begun pre-leasing on a main-street lifestyle expansion scheduled to open in 2015. It will feature an estimated 150,000 sq. ft. of new specialty retail, restaurants and entertainment.
Retail real estate still improving, thanks to Millennials
Chicago — Employment growth in science, technology, engineering and mathematics and the continuing recovery in the U.S. housing market have begun to affect all sectors of commercial real estate, according to Jones Lang LaSalle’s “Cross Sector Outlook.”
Total sector commercial real estate volumes in the first three quarters of 2013 have reached $208.82 billion, an increase of 30% over the same period in 2012, said the report.
The continuing growth is fueling occupancy and rent increases and boosting investor demand. In addition, Millennials (adults younger than 34) are becoming a larger component of the workforce and beginning to affect operations across the spectrum of commercial real estate categories.
In the retail real estate category, the JLL report said that vacancy rates should continue to inch down over the next year, as construction remains limited. Lack of new supply will extend the ongoing recovery in rents. Investor interest in the slowly recovering sector is perking up as well with investment sales growing to $33.8 billion in the first three quarters of 2013, an increase of 14% over the same period in 2012.
CBRE arranges financing for $41.6 million portfolio
Dallas — CBRE Capital Markets arranged financing for the acquisition of a portfolio of 16 shopping centers totaling approximately 417,000 sq. ft. Located across the country, each of the 16 strip centers is adjacent to a Wal-Mart Supercenter shadow anchor. CBRE worked on behalf of the borrower, a partnership between Dallas-based Fountain Capital and Cheney & Mathes Properties, to obtain a 10-year, $41.6 million fixed-rate, non-recourse loan through the Goldman Sachs Mortgage Co.
The 16 properties are located in 10 states with a strong presence in the state of Texas. The portfolio is 96% leased to 145 tenants, including multiple locations of Dollar Tree (9), Cato (12) and Hibbett Sports (5).