DALLAS – With the holiday shopping season about to begin, seven existing tenants and one new shop owner have secured their spaces by finalizing leases for a combined 16,187 sf at three neighborhood centers in Dallas/Fort Worth.
The retail rally was secured by Leigh C. Richter
, senior vice president of Dallas-based Bradford Commercial Real Estate Services
; her husband, Paul Richter
, retail marketing director; and Michael Tran, associate. Bradford's retail team has delivered medium- to long-term leases, with seven of the eight resulting from direct negotiations with tenants.
The stack includes a 2,123-sf lease for the relocation, renewal and expansion of the Jump Off Spot, a five-year-old urban store with a full line of brand-name shoes, clothing and accessories for men, women and children. Mahran M. Jabbar is gaining 623 sf for his store when he switches spots at Forest Audelia Shopping Center at 9759 Forest Lane in Dallas.
Also at Forest Audelia, ZJES Corp., owner of Shark's Chicken & Fish, is holding onto 1,850 sf, a long-time location for the franchisee of the Chicago-based chain.
The deal making has inched occupancy to 77% in the 44,183-sf center for Bradford's client, California-based Mwest Holdings LLC. There are just two suites to fill at Forest Audelia – 4,065 sf on the second floor and 6,088 sf of shell-condition, street-level space
"We've had a couple tire kickers," says Leigh C. Richter, optimistic that a new deal looms right around the corner.
At Josey Rosemeade Shopping Center in Carrollton, "Sell Your Gold" will debut in 1,404 sf. Shop owner, Imraan Siddiqi, has leased the last available space in the 14,490-sf center at 3720 N. Josey Lane, also owned by Mwest Holdings.
Josey Rosemeade's renewals came from Physiotherapy Associates, which occupies 4,690 sf, and Edward D. Jones & Co., 1,120 sf.
In Mesquite, special servicer, CWCapital Asset Management LLC, has retained 90.7% occupancy in the 58,093-sf Galloway Crossing at 2110 N. Galloway Ave. Jennifer Pierson of CB Richard Ellis in Dallas is marketing the foreclosed property.
Galloway Crossing's renewals are Debonair Cleaners, 2,697 sf; Super Smile Dental, 1,244 sf; and Chris & Steve Inc.'s Metro PCS store, 1,059 sf. Representing the dentist's office was Perren Gasc, vice president of the Weitzman Group in Dallas.
"We have spent a lot of time adding value to the properties," says Bradford's senior vice president. "We are retaining tenants, but I don't see much in the way of expansions. Most people are on hold. They are waiting to see how the holiday season will work for them."
In a breakdown of the deal flow, the landlords were represented by:
- Forest Audelia – Leigh C. Richter and Tran, closing the Jump Off Spot lease; Paul Richter, securing Shark's Chicken & Fish;
- Josey Rosemeade – Paul Richter and Tran, signing Sell Your Gold; Leigh C. Richter, inking Physiotherapy Associates; Leigh Richter and Tran, closing the Edward D. Jones & Co. lease;
- Galloway Crossing – Paul Richter and Tran, securing Debonair Cleaners; Paul Richter, signing Super Smile Dental and Metro PCS.
December 7, 2011