In retail, few things are constant, but one thing Texas CRE professionals can always count on is that more rooftops generate more retail demand. And those rooftops are going up as fast as they can in the Dallas-Fort Worth area. “Retail here is on the heels of white hot with cautious optimism,” says Jennifer Pierson, Managing Partner of STRIVE. “The reason I temper it a little bit is because we had such a robust Q2 and Q3 of last year and a robust
Q1 of this year, but we’ve just had our first interest hike and it hasn’t slowed anything down yet, but we’re wondering if it will.”
When she says robust, she means it. STRIVE sold 107 properties last year and already in 2022, Q1 numbers doubled.
“That’s a lot of product,” Pierson says.
That product is at a premium right now, according to Steve Zimmerman, The Retail Connection’s Managing Director in Brokerage.
“The supply of quality available space is very low due to the extreme lack of new development,” he explains. Click to read more at www.rednews.com.
esrp—a leading tenant advisory firm headquartered at The Star in Frisco—has merged with Chicago-based Cresa, which calls itself the world’s largest occupier-focused CRE company.
Founded in 2013, esrp assists clients in over 40 countries, providing multi-market corporate and occupier advisory services. Its clients have included NTT DATA Services, Riddell, Mattress Firm, 7-Eleven, and Neiman Marcus.
esrp’s nearly 50 team members will now be added to the Cresa platform. esrp will lead Cresa’s existing Texas teams through its HQ at The Star, its office in the Dallas Arts District, and Cresa’s Houston Galleria office. A key goal moving forward will be building a stronger presence in Austin, Cresa says.
esrp has Dallas Cowboys connections
esrp was founded as E Smith Realty Partners, with Emmitt Smith as one of its three founding partners. The company spun out from E Smith Legacy Holdings in 2017, parting ways with Smith and changing its name to esrp. But that’s not the company’s only Cowboys tie: Founding partner and CEO Sharon Morrison started her career in the industrial division of The Staubach Co., learning the ropes from the greatest Cowboy of all. Click to read more at www.dallasinnovates.com.
JLL Capital Markets announced today it represented a CIM Group-fund and Open Realty Advisors in the sale of the partnership’s 15 standalone and strip retail buildings totaling 123,960 square feet along the dynamic and pedestrian-friendly Henderson Avenue in Dallas, Texas.
Acadia Realty Trust acquired the asset in its entry into the Dallas-Fort Worth market.
Property tenants include Sprouts Farmers Market and an eclectic mix of service-oriented and locally inspired retailers, restaurants and night life such as Warby Parker, The Skellig, Tecovas, Bonobos, and CorePower Yoga brought to the area by CIM Group and Open Realty Advisors. The portfolio also includes several parcels for future development opportunities.
The portfolio spans over a mile within Dallas’s urban core and within the Henderson Avenue district, which has evolved over the last 20 years into one of Dallas’ premier mixed-use neighborhoods. The trendy district is surrounded by desirable, affluent residential communities and near Southern Methodist University’s more than 12,000 students.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan Shore, Chris Gerard and Co-Head of JLL Retail Capital Markets Barry Brown, Associate Erin Lazarus and Analyst Beth Copeland. The same team along with Senior Managing Director Todd Savage completed the sale of Knox Park Village on behalf of the seller earlier this year.
According to JLL’s Retail Capital Markets team in Dallas, “Henderson Avenue has emerged as Dallas’ ‘cool-street’ retail destination, where young, millennial residents are drawn to the mix of digitally native brands and trendy local restaurants that the ownership team brought to this east Dallas neighborhood.”
CBRE National Partners announced the sale of TCC Altamoore, a Class A+ industrial park located at 9280, 9186 and 9190 Van Horn Drive in Dallas. KKR purchased the 387,838-square-foot three-building asset from Trammell Crow Company for an undisclosed price. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
Built in 2021, Building 1 (298,168 square feet) and Building 2 (206,917 square feet) have both been fully leased by large, publicly traded companies. Building 3 (110,960 square feet) is still being marketed to prospective tenants. TCC Altamoore has close proximity to vital transportation arteries across the metroplex and is located less than two miles from I-20 and approximately four miles from I-35E and I-45.
According to CBRE’s Q1 2022 Industrial MarketView, there were 7.7 million square feet of new industrial product delivered in Q1, raising the overall vacancy rate to 4.8%. The construction pipeline set new records with the 57.3 million square feet of product under construction, which should alleviate tight vacancy rates across the metroplex.
It’s one of those statistics that makes a reader sit up and read it again: between 2010 and 2020, Collin County grew by more than 37 percent, which means a whopping 300,000 more people decided to call the suburban Dallas-area county home. “People are moving to Collin County from across the region and from across the country,” says Joey Grisham, Economic Development Director for the City of Anna.
Anna is one of so many cities helping to fuel that growth. Its population doubled in the past decade from 8,200 in 2010 to almost 17,000 in 2020.
“It’s all about affordability and quality of life,” Grisham says. “We have a great school district. We have excellent access to infrastructure. Plus, I think people are wanting to move farther out to escape some of the congestion of the city.”
Other Collin County communities grew as fast or faster. Celina now boasts a population of nearly 17,000 compared to roughly 6,000 in 2010. In Frisco, which was already one of the county’s larger cities, the population nearly doubled from 117,000 in 2010 to 200,000 in 2010. Allen’s growth was more contained, but it still added more than 20,000 new residents in the space of ten years.
“As Texas grows, Collin County is really at the epicenter of that growth,” says Daniel Bowman, Executive Director and CEO of the Allen Economic Development Corporation. Click to read more at www.rednews.com.
DALLAS–(BUSINESS WIRE)–CBRE Group announced the opening of a flexible, high-tech office in Richardson, Texas, designed to enable hybrid work and create a seamless experience for in-office and remote participants. The 131,000-sq.-ft. office at Galatyn Commons houses the company’s Dallas-based Digital & Technology, Finance, People (Human Resources) and Supply Chain/Procurement staff.
The new office is part of the company’s future-focused approach to workplace strategy, called Workplace360. Throughout the office, the company is testing various collaboration technologies to enable hybrid work, including:
A camera view called “smart gallery” that follows a speaker as they move around the room and gives each in-room participant a meeting profile to allow remote attendees to engage as if they had a seat at the table.
Touchscreens that promote next-level, mixed-presence collaboration, inviting in-person and remote colleagues to annotate and whiteboard together.
Touch-free video conferencing that allows employees to control presentations using voice activation or personal mobile devices to promote health and wellness. Click to read more at www.businesswire.com.