Real Deals: Alliance Town Center adds storesFebruary 14, 2014
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Town Center grows as new fourth phase signs leases
Alliance Town Center has signed 115,000 square feet of retail leases with several stores, filling out the far North Fort Worth shopping center’s next phase.
Latest are Five Below, which bills itself as “the leading retailer of trend-right, extreme-value merchandise to the teen and preteen market,” Sheplers, and Sleep Experts, said Terry Montesi, CEO of Trademark Property, partner with Hillwood in the development.
They join the previously confirmed DSW Shoe Warehouse and Haverty’s, which have also signed leases.
“That project has just continued to grow and grow and grow,” Montesi said. “And it’s poised to keep going.”
The stores, which Montesi says make up Town Center’s fourth phase, should open this fall. – Scott Nishimura
FORT WORTH, KELLER GAIN
NEW CAR WASHES
Motorists will have two more places to clean up when Sparkles Car Wash and Fenders Car Wash open in Fort Worth and Keller, respectively.
Sparkles, at 113 Thornhill Drive in south Fort Worth, and Fenders on South Main St. in Keller, boast an all-glass-wall and signature tower design by The Architects Barnes/Associates Inc. of Fort Worth.
Each property spans 1 acre. The Sparkles building encompasses about 5,184 square feet. The properties and facilities are individually owned and not leased.
Sparkles will open in March and Fenders is expected to open in May.
Other car wash locations are on the horizon, as well. A facility on Lake June Road in Dallas is set to open in May.
SPEED FAB-CRETE TO BUILD
THIRD GRANITE SECURITY FACILITY
Speed Fab-Crete has broken ground on a 67,081-square-foot manufacturing and distribution facility for Granite Security Products Inc., which produces business and residential security containers and gun, fire and security safes. Set for completion in June, the $2.69 million stand-alone, single-story facility will be located adjacent to Granite Security Products’ existing office and production headquarters at 4801 Esco Drive in Fort Worth. In addition to Speed Fab-Crete representatives, the project team comprised Fort Worth-based Callahan & Freeman Architects, Dallas-based Civil Point Engineers Inc., Hulsey Engineering of Lillian and Leeming Design Group based in North Richland Hills.
CBRE SPEARHEADS LEASING
FOR NORTH FORT WORTH PROJECT
CBRE Group Inc. has been named the exclusive leasing agent for Trammell Crow 35/Eagle, a 1.6 million-square-foot speculative industrial project in North Fort Worth.
Representing Trammell Crow 35/Eagle in leasing the site’s two buildings were Steve Trese and Bob Scully of CBRE. They will serve the same role in leasing more buildings planned for an additional 192 acres at the site.
Full build-out of the park will include more than 4.2 million square feet of office, retail and industrial space. The project is expected to be completed this year.
“We believe this is the best industrial site in one of the most active submarkets in our region,” said Trese, a first vice president with CBRE in Dallas, in a news release.
“Demand for large distribution space continues to be very strong in the wake of almost 20 million square feet of absorption in 2013, and Trammell Crow 35/Eagle is primed to capitalize on this positive momentum,” Trese said.
The 314.4-acre property at the northwest corner of Interstate 35W and Eagle Parkway in northeast Fort Worth was purchased in January by a joint venture between Trammell Crow Co. and Prudential Real Estate Investors.
Plans for the site include two speculative industrial buildings. Building B comprises 1,041,879 square feet and Building D comprises 548,495 square feet, totaling 1,590,374 square feet of Class A space. The project is less than a mile from Fort Worth Alliance Airport and within three miles from the BNSF Railway headquarters.
CITY CONSIDERS INCENTIVES FOR
Wal-Mart plans to build a 182,000-square-foot Supercenter in far North Fort Worth and is seeking up to $12 million in city incentives to help pay for roads it is committing to build. The store would be at the future southeast corner of the Golden Triangle and Park Vista boulevards and would include a 20,000-square-foot pad site.
The city staff is proposing a 20-year economic development agreement, under which Wal-Mart would build the store and pad site by June 30, 2016.
Wal-Mart would make a “good faith effort” to spend at least 25 percent of construction costs with Fort Worth minority or women-owned businesses.
It also “commits to employ a minimum of 50 employees during the term of the agreement,” the report said.
The city, in return, would make annual “Chapter 380” economic development program grants – such grants are authorized by state law – to Wal-Mart of 75 percent of the city’s 1-cent sale tax gain and incremental real estate property tax gain that are attributed to the new center.
The total grant payments would be capped at $12 million, the report said.
Wal-Mart would also agree to fund and build four lanes of Park Vista Boulevard from Ray White Road to Keller Hicks Road.
The city would have the right to terminate the agreement if Wal-Mart fails to invest at least $13 million by the 2016 date and an additional $3 million by June 30, 2019, if it doesn’t complete the project or if it doesn’t build the road. The City Council is tentatively scheduled to vote on the economic development agreement March 4. A second agreement for the road project will go before the council “as soon as possible,” the staff report said.
Chapter 380 agreements are one of several tools in the city’s economic development incentives offerings, and city officials call them “a gap financing tool of last resort.”
Jay Chapa, the city’s housing and economic development director, said the Wal-Mart agreement is tied to the infrastructure Wal-Mart agreed to build. – Scott Nishimura
Schulte Motorsport LLC has renewed its lease for 3,850 square feet of retail space at 412 Grapevine Highway, Hurst. Representing the landlord, Vikade Inc., in the direct deal was Christopher Mendez of Coldwell Banker Commercial Alliance DFW.
Harrington Moran Barksdale Inc. has renewed its lease for 3,079 square feet of office space in the Bank of America building, 2000 E. Lamar Blvd., Arlington. Representing the landlord, RWM Lamar Building Corp., in the transaction were Theron Bryant and Casey Tounget of Coldwell Banker Commercial Alliance DFW. Jason Brecheen of Swearingen Realty Group LLC represented the tenant.
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