The list of new retail stores planned for Dallas-Fort Worth (DFW) is short this year, and most projects complete developments that opened in 2009, according to an annual shopping center study released by Dallas-based Weitzman Group.
Last year, the region added 2.9 million sf of retail space, the lowest this decade and well below 2008's 4.7 million. The area just barely posted a gain in net leasing of 464,404 sf.
This year, DFW is poised to add a mere 1 million sf of retail space.
Occupancy rates are also the lowest of the decade. Last year, 86.4 percent of shopping center space was leased. The peak in recent years was 91 percent in 2002.
With 179 million sf, DFW is the largest retail market in Texas and one of the largest in the U.S.
While there are no major new projects in the works, the region is doing better than other U.S. markets, said Bob Young, managing director of the Weitzman Group. "Even with our challenges, DFW has performed as good, or better, than any market."
Kroger's director of real estate, Terry Evans, said the state is getting its fair share of the nation's No. 2 grocer's capital spending. Half of Kroger's 210 stores in Texas have been remodeled, expanded or relocated in recent years, and that has helped it increase its market share.
It's opening its first local Marketplace store in Frisco today and expects to open a second in Fort Worth's Alliance Town Center by year's end.
In 2011, Kroger is planning a third Marketplace store in Little Elm.
In March, German-owned discount grocer Aldi Inc. will start opening the first of its planned 27 stores for North Texas.
Whole Foods Market opens at Park Lane in March. Dillard's, The Container Store and Whole Foods are part of this year's expansion of the Village at Fairview.
Rounding out the list is a Tom Thumb-anchored center under construction in Rockwall and the first phase of Denton's Rayzor Ranch project of small-shop retail and possibly Walmart and Sam's Club.
[Dallas Morning News]
Thursday, January 28, 2010
Broadstone Parkway in Dallas near Galleria changes hands
(Dallas) - USAA Real Estate Co. acquired Broadstone Pkwy., a 331,473-sf, Class A mixed-use development in Dallas from Bank of America.
The property includes 333 residential units and 40,070 sf of retail space on 7.4 acres at 5005 Galleria Dr. across from the Galleria Dallas. The units are less than 7 percent vacant while the retail portion has a nearly 58 percent vacancy.
The property includes 333 residential units and 40,070 sf of retail space on 7.4 acres at 5005 Galleria Dr. across from the Galleria Dallas. The units are less than 7 percent vacant while the retail portion has a nearly 58 percent vacancy.
Byron Nelson tourney home Four Seasons at Las Colinas facing foreclosure
One of the Dallas area's most exclusive hotel properties is facing a possible foreclosure.
Lenders have filed to foreclose on the Four Seasons Resort and Club Dallas at Las Colinas, a 400-acre hotel, spa and golf club in Irving.
The more than 400-room hotel is one of the state's top-rated accommodations and hosts the annual HP Byron Nelson Championship golf tournament.
U.S. Bank NA is seeking repayment of a $183 million loan on the property and has scheduled a forced sale on Feb. 2, according to legal filings.
The foreclosure posting is the largest in North Texas in more than 20 years.
"I don't think we've seen one this large in the business cycle," said George Roddy, CEO of Addison-based Foreclosure Listing Service. "That's a very big complex."
The California-based owners of the Four Seasons Resort have been in a dispute with the project's lenders since last fall.
In November, a lawyer for Los Angeles-based BentleyForbes said the borrowers had missed a scheduled debt payment and were negotiating with the mortgage holders. He said the lenders were taking tactical moves to "get their attention."
The Four Seasons has been on watch lists of major properties with troubled debt for several months while negotiations with the lenders were continuing.
The hotel owner said Wednesday that the foreclosure posting was not unexpected.
"BentleyForbes remains in proactive discussions with its lenders at the Four Seasons Dallas and is committed to working out a successful financial structure recognizing the interests of all vested entities that will bridge the challenges of the current situation," spokesman Chris Egger said.
"BentleyForbes has demonstrated its good faith and continued commitment to the Four Seasons Resort & Club Dallas at Las Colinas through $60 million of improvements during the past two years, improvements that reflect a significant contribution of capital and vision to the long-term success of the property."
BentleyForbes has owned the Irving resort complex since 2006. Four Seasons operates the facility with a long-term contract.
"We do not expect any change in our day-to-day operations or services," Las Colinas Four Seasons general manager Michael Newcombe said Wednesday. "This request for [debt] restructuring is consistent with similar actions being taken by many hotel owners nationally and internationally in response to global economic conditions. We are not unique in this regard."
George Conant, tournament chairman for the 2010 HP Byron Nelson Championship, said the golf tournament will not be affected.
"We are pleased with the improvements that have been made to the property in recent years to enhance the golf and fan experience at the tournament, and we look forward to another fantastic championship this May," he said.
The hotel complex is by far the largest such property to wind up on North Texas foreclosure lists in recent years.
In 2001, lenders foreclosed on the 286-room Westin Beechwood hotel in North Fort Worth, but the debt on that property was only $53.5 million.
Last year more than 2,400 commercial properties, including hotels, were posted for foreclosure in the Dallas-Fort Worth area, according to Foreclosure Listing Service.
Commercial foreclosure filings were up 27 percent in 2009.
Source: Dallas News
Plano Foreclosures
Lenders have filed to foreclose on the Four Seasons Resort and Club Dallas at Las Colinas, a 400-acre hotel, spa and golf club in Irving.
The more than 400-room hotel is one of the state's top-rated accommodations and hosts the annual HP Byron Nelson Championship golf tournament.
U.S. Bank NA is seeking repayment of a $183 million loan on the property and has scheduled a forced sale on Feb. 2, according to legal filings.
The foreclosure posting is the largest in North Texas in more than 20 years.
"I don't think we've seen one this large in the business cycle," said George Roddy, CEO of Addison-based Foreclosure Listing Service. "That's a very big complex."
The California-based owners of the Four Seasons Resort have been in a dispute with the project's lenders since last fall.
In November, a lawyer for Los Angeles-based BentleyForbes said the borrowers had missed a scheduled debt payment and were negotiating with the mortgage holders. He said the lenders were taking tactical moves to "get their attention."
The Four Seasons has been on watch lists of major properties with troubled debt for several months while negotiations with the lenders were continuing.
The hotel owner said Wednesday that the foreclosure posting was not unexpected.
"BentleyForbes remains in proactive discussions with its lenders at the Four Seasons Dallas and is committed to working out a successful financial structure recognizing the interests of all vested entities that will bridge the challenges of the current situation," spokesman Chris Egger said.
"BentleyForbes has demonstrated its good faith and continued commitment to the Four Seasons Resort & Club Dallas at Las Colinas through $60 million of improvements during the past two years, improvements that reflect a significant contribution of capital and vision to the long-term success of the property."
BentleyForbes has owned the Irving resort complex since 2006. Four Seasons operates the facility with a long-term contract.
"We do not expect any change in our day-to-day operations or services," Las Colinas Four Seasons general manager Michael Newcombe said Wednesday. "This request for [debt] restructuring is consistent with similar actions being taken by many hotel owners nationally and internationally in response to global economic conditions. We are not unique in this regard."
George Conant, tournament chairman for the 2010 HP Byron Nelson Championship, said the golf tournament will not be affected.
"We are pleased with the improvements that have been made to the property in recent years to enhance the golf and fan experience at the tournament, and we look forward to another fantastic championship this May," he said.
The hotel complex is by far the largest such property to wind up on North Texas foreclosure lists in recent years.
In 2001, lenders foreclosed on the 286-room Westin Beechwood hotel in North Fort Worth, but the debt on that property was only $53.5 million.
Last year more than 2,400 commercial properties, including hotels, were posted for foreclosure in the Dallas-Fort Worth area, according to Foreclosure Listing Service.
Commercial foreclosure filings were up 27 percent in 2009.
Source: Dallas News
Plano Foreclosures
Thursday, January 07, 2010
North Dallas Luxury Neighborhoods
North Dallas has many luxurious neighborhoods, but not all are located in "Dallas-proper," many are located in the suburbs adjacent to Dallas. The luxury neighborhoods in Plano, Allen, Frisco, McKinney and Carrollton offer residents the benefits of Dallas, without the traffic and congestion. Some of the suburb areas, such as Prosper, Frisco and Argyle give home owners the opportunity to own sprawling ranches with equestrian stables and much more. The top North Dallas Luxury Neighborhoods of the moment are:
North Dallas Luxury Homes
- Willowbend - Plano, TX
- Bent Tree - Plano, TX
- Starwood - Frisco, TX
North Dallas Luxury Homes
Subscribe to:
Posts (Atom)
