Retailers that are still looking to expand in the D-FW area or improve their locations are getting bargains, property brokers say. “There is a level of demand for the vacant anchor spaces here in North Texas which is stronger than most other areas of the country,” said Bob Ginsburg of CB Richard Ellis. “The tenants who recognize the opportunity to capture good real estate at what can be said are favorable economics are acting to take advantage. “We are also experiencing the expansion of specialty merchants who are focused in specific ethnic merchandising, especially in the grocery segment.” A popular example is the new 99 Ranch Market Place on Spring Creek Parkway in Plano. The high-end Asian supermarket recently opened in a 60,000 square foot former Albertson’s store that had been vacant for three years. Centennial Real Estate Co., bought the shopping center in 2007 in partnership with Westmount Realty Capital when it was only 20 percent leased. “To see the parking lot full now and all the traffic is something,” said Centennial CEO Steve Levin. “I’ve been in this business 30 years, and I have never seen a turnaround like this. “These boxes are just not easy to backfill.” The new grocery store has already spawned additional leases. “We have six signed leases for new restaurants and negotiating with two more,” Levin said. “Everybody wants to be in that center now because of the traffic it generates.”
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