Inland notches another Texas center
One of the most active acquirers in the retail real estate business has made its 292nd purchase in the great State of Texas.
Inland Real Estate Acquisitions announced the purchase of Denton Village in the town of the same name, situated 40 miles north of Dallas. The North Dallas region has been a hotbed of job growth, housing starts, and new retail development.
Built in 2016, the shopping center is located at 2341 Hickory Creek Road and is anchored by Sprouts Farmers Market. Other tenants include Pet Supermarket, Domino’s Pizza, T-Mobile, and Hollywood Nails.
”Denton Village’s prime location Denton, which is home to the University of Texas and Texas Woman’s University, added to the appeal of this necessity-based retail property,” said Matt Tice, senior VP of Inland Acquisitions. “It’s a prime example of the type of retail acquisitions we continue to seek out.”
Seller of the property was Disney Investment Group, which sold the 46,380-sq.-ft. Denton Village and the 12,198-sq.-ft. Midway Plaza in Texas for a combined $24 million, according to Rebusiness Online.
PREIT’s version of ‘That’s Entertainment’
Dining and entertainment square footage continues to replace that of department stores in PREIT’s mall portfolio.
Last week the Philadelphia-based developer announced that it had signed leases to fill vacated Sears space at two of its properties. Five Below and an unnamed off-price furniture retailer will join Burlington in the former Sears at the Magnolia Mall in Florence, South Carolina.
At Capital City Mall in Camp Hill, Pennsylvania, Fine Wine & Good Spirits signed a lease to join Dick’s Sporting Goods in the old Sears footprint.
This week, PREIT announced plans for entertainment expansion. The company claims that non-anchor space in its portfolio dedicated to dining and entertainment has increased by 36% since 2012.
All In Adventures, an escape room concept, has signed leases to open in Magnolia Mall as well as two other Pennsylvania malls — Viewmont and Willow Grove Park.
Tilt Studio has signed a lease to bring its rides, arcade games, bowling, and laser tag to Patrick Henry Mall in Newport News, Virginia, and Dave & Busters will do a 15% expansion of its location at Springfield Town Center in Springfield, Virginia.
“PREIT has added over one million sq. ft. of dining, entertainment, health and wellness, fast fashion and off price tenants, an increase of more than 70% of space committed to these tenants in five years,” said company CEO Joseph Coradino.
New tenant specialist joins Mid-America
Retail tenant specialist Jack Gray has joined Mid-America Real Estate’s Minnesota operation. He will be representing clients that include Starbucks, Buffalo Wild Wings, and Mills Fleet Farm.
Gray arrives at Mid-America from an internship on Cushman & Wakefield Northmarq’s industrial brokerage team.
Gray is a recent graduate of University of St. Thomas, where he earned a Bachelor’s degree in marketing.
Jack’s interpersonal skills will serve him well in our industry.” Said Mid-America VP of tenant representation, Johnny Reimann.