Shopping, food and beverage remain hot as JLL names new retail leader for Dallas-Fort Worth

As the retail market-- especially in Dallas-Fort Worth-- continues to show strength, JLL has added a new leader because space in North Texas.

Long time retail services veteran Michael Wheat has joined the commercial real estate broker as handling director of its North Texas retail group. Prior to signing up with JLL, Wheat acted as the handling director, overseeing leasing for the portfolio of the U.S. at Cypress Equities, where he managed leasing and asset management efforts for a portfolio of about 10.5 million square feet.

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A recent JLL report on the retail market mentioned Sun Belt cities, in particular Dallas-Fort Worth, as leading the nation in retail development. That is one big reason Wheat said he aspired to get associated with the marketplace.

" Let's face it, all of us enjoy, and have actually taken pleasure in for many years, among the best markets in the whole nation," he said. "We've got a nice long path ahead of us. It's not decreasing."

Wheat stated drink, entertainment and food, and experiential ideas seem the strongest at the moment. He stated brand-new principles will continue to pertain to the area as the population increases and more business move headquarters and divisions to the area. After a number of years of declines, Wheat is likewise seeing more brick-and-mortar retail concepts discovering success.

" The one sort of favorable item that came out of COVID is that individuals missed out on connecting," he stated. "I believe a lot of what we're seeing with these newer jobs, whether it's a mixed-use task, or just a new retail center is that food and beverage part, along with the right type entertainment or experiential component."

That's not to state new technologies won't play a part in retail in the area. JLL notes that Walmart is broadening its drone deliveries in the Dallas-Fort Worth area to 75% of the region's population by the end of the year.

Grocery-anchored centers stay the highest-demand part of the retail market. In 2023, more than 20% of total retail transaction volume was from grocery-anchored centers.

" It makes good sense, in a growing population area like this, that grocery will remain strong," Wheat said.

Wheat stated some of the retail concepts he sees coming to the area are nationwide, but that there are plenty of regional, boutique-type retail offerings in the pipeline.

" These sellers both from a regional and national viewpoint are wanting to be at a certain destination," he stated. They want to be part of something.

While rates of interest remain high, Wheat said the Dallas-Fort Worth area companies seem to make it work.

" In markets like this, people have found out how to make the economics work," he stated. "At the end of the day, if the need is here, and if you can pencil it out economically, then there's going to continue to be chances."

Home rates hold consistent

March wasn't precisely idle, but home rates stayed the course in March in Fort Worth, according to information from Texas Real Estate Research Center at Texas A&M University. The typical home price in Fort Worth was $329,995, a 0.3% boost from March 2023.

Stock continued to climb as sellers who have actually been awaiting the ideal moment to note their homes began to make some relocations. Fort Worth inventory in March was 2.7 months and Tarrant County was 2.6 months. Though the movement is in the right direction, the need for readily available homes continues.

" Now that home loan rates have supported, the spring buyers and sellers have actually started to get in the marketplace," said Blake Barry, 2024 president of the Greater Fort Worth Association of Realtors and a Realtor at Williams Trew. "Having a funding strategy in place and a Realtor you can trust will be vital to moving rapidly when the best home strikes the marketplace."

There were 944 homes offered in Fort Worth in March, 7.7% less than in March 2023.

Residential property buyers and sellers have been seeing the marketplace closely considering that the news from the National Association of Realtors regarding their proposed settlement arrangement. As no changes are set to enter into result up until July, purchasers and sellers need to anticipate company as typical in the short-term, according to the Greater Fort Worth Association of Realtors.

" While modest sales development might not stir excitement, it shows sluggish and steady development from the lows of late in 2015," said National Association of Realtors primary financial expert Lawrence Yun. "Ongoing job gains are plainly increasing demand in addition to more stock."

Real estate deals

Spire Realty Group picked business property advisory company Citadel Partners to lead the leasing efforts of One City Place and Two City Place.

Citadel Partners market leader Cullen Donohue and market primary Andy Goldston will manage the leasing efforts for the Class A workplace project.

The 19-story, Class A twin towers have 531,468 square feet of office.

Between the two workplace towers, Tandy constructed an upscale retail shopping center with an indoor ice rink and a train system to carry clients to and from their automobiles. Spire Realty acquired the task in 2011.

Windhaven Investments Inc. acquired a 9.98-acre infill parcel at 3300 FM 157 in Euless, Texas, near Dallas Fort Worth International Airport. Younger Partners executive handling director John St. Clair and associate Luke Nolan brokered the deal in between the purchaser and seller, ClubWise Finance. The list price was not disclosed.

Zoned light industrial, the acreage fronts Euless' major north/south FM 157 route. The land's proximity to DFW Airport and access to Texas Highways 10 and 183 generated prospective purchaser interest but "Windhaven had the confidence in the system to close it," St. Clair said.

The current buyer plans to hold the land for investment, potentially rearranging it for future sale or attracting developers.

Multifamily train design

Burleson has a long history with the railway, so it makes good sense that a brand-new apartment building reflects the city's past.

Merriman Anderson Architects has completed a multifamily project in Burleson called the Depot on Main which is two five-story apartment buildings totaling 275 systems. The company offered architecture, interior design and other services.

Merriman Anderson Architects utilized a modern-day commercial design style with black finishes, and materials such as wood, dark metal and steel in addition to brick included throughout the space. Direct lights duplicating train lights, a train depot station wall covering and other nods to the Old Town district of Burleson were also included in the general public areas through art work and devices.

Realty Capital Residential is the developer, and Muckleroy & & Falls was the contractor for the project.

Do you have something for the Bob on Business column? Email Bob Francis at bob.francis@fortworthreport.org.

Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and monetary fans. Learn more about our editorial independence policy here.

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The Fort Worth Report keeps the copyright for all of its released material. If you have any other concerns, contact Managing Editor Thomas Martinez.Shopping, food and beverage remain hot as JLL names new retail leader for Dallas-Fort Worth
by Bob Francis, Fort Worth Report
April 22, 2024

<< h1>> Shopping, food and beverage remain hot as JLL names brand-new retail leader for Dallas-Fort Worth<.
<< p class="" byline" > by Bob Francis, Fort Worth Report << br/>> April 22, 2024<.

<< p>> As the retail market-- particularly in Dallas-Fort Worth-- continues to show strength, JLL has actually added a new leader because area in North Texas.&& nbsp;
<. < p > Longtime retail services experienced Michael Wheat has actually signed up with the industrial realty broker as managing director of its North Texas retail group. Prior to signing up with JLL, Wheat acted as the handling director, supervising leasing for the portfolio of the U.S. at Cypress Equities, where he handled leasing and property management efforts for a portfolio of about 10.5 million square feet.&& nbsp;
<. < p > A recent JLL report on the retail market pointed out Sun Belt cities, in specific Dallas-Fort Worth, as leading the nation in retail development. That is one huge factor Wheat stated he was eager to get associated with the market.&& nbsp;
<. < p >" Let's face it, all of us take pleasure in, and have actually enjoyed for many years, one of the very best markets in the entire country," he said. "We've got a good long path ahead of us. It's not decreasing."&& nbsp;
<. < p > Wheat said food, home entertainment and beverage, and experiential principles seem the strongest at the moment. He said new concepts will continue to come to the area as the population boosts and more companies move head office and divisions to the location. After numerous years of decreases, Wheat is likewise seeing more brick-and-mortar retail ideas discovering success.&& nbsp;
<. < p >" The one sort of positive product that came out of COVID is that people missed interacting," he said. "I think a great deal of what we're seeing with these more recent projects, whether it's a mixed-use job, or simply a brand-new retail center is that food and drink component, in addition to the best type home entertainment or experiential element."&& nbsp;
<. < p > That's not to state brand-new innovations won't play a part in retail in the area. JLL notes that Walmart is expanding its drone shipments in the Dallas-Fort Worth area to 75% of the area's population by the end of the year.&& nbsp;
<. < p > Grocery-anchored centers stay the highest-demand part of the retail market. In 2023, more than 20% of overall retail transaction volume was from grocery-anchored centers.&& nbsp;
<. < p > "It makes sense, in a growing population location like this, that grocery will stay strong," Wheat said.&& nbsp;
<. < p > Wheat said a few of the retail concepts he sees concerning the location are national, however that there are plenty of local, boutique-type retail offerings in the pipeline too.&& nbsp;
<. < p >" These merchants both from a national and regional perspective are wanting to be at a certain destination," he stated. "They're saying, 'This is where I want to be.' They wish to be part of something. It's amazing."&& nbsp;
<. < p > While rates of interest remain high, Wheat said the Dallas-Fort Worth area companies seem to make it work.&& nbsp;
<. < p > "In markets like this, people have determined how to make the economics work," he said. "At the end of the day, if the need is here, and if you can pencil it out financially, then there's going to continue to be opportunities."&& nbsp;
<. < p > < strong > Home prices hold constant & nbsp;<. < p > March wasn't precisely idle, but home rates stayed the course in March in Fort Worth, according to information from Texas Real Estate Research Center at Texas A&& amp; M University. The mean home price in Fort Worth was $329,995, a 0.3% increase from March 2023.<.
<< p>> Inventory continued to climb up as sellers who have actually been awaiting the ideal moment to list their homes began to make some relocations. Fort Worth stock in March was 2.7 months and Tarrant County was 2.6 months. Though the motion remains in the ideal instructions, the requirement for offered homes continues.& & nbsp;
<. < p >" Now that home loan rates have supported, the spring purchasers and sellers have actually begun to enter the marketplace," stated Blake Barry, 2024 president of the Greater Fort Worth Association of Realtors and a Realtor at Williams Trew. "Having a funding plan in place and a Realtor you can rely on will be vital to moving rapidly when the best home hits the marketplace."<.
<< p>> There were 944 homes sold in Fort Worth in March, 7.7% less than in March 2023.<.
<< p>> Residential real estate purchasers and sellers have actually been enjoying the market carefully because the news from the National Association of Realtors regarding their proposed settlement arrangement. As no modifications are set to go into effect up until July, sellers and purchasers need to anticipate organization as typical in the short term, according to the Greater Fort Worth Association of Realtors.&& nbsp;
<. < p >" While modest sales development might not stir enjoyment, it shows sluggish and steady development from the lows of late in 2015," stated National Association of Realtors primary economist Lawrence Yun. "Ongoing task gains are plainly increasing demand together with more inventory."<.
<< p><> < strong>> Real estate deals< & nbsp;
<. < p > Spire Realty Group chose business real estate advisory company Citadel Partners to lead the leasing efforts of One City Place and Two City Place.&& nbsp;
<. < p > Citadel Partners market leader Cullen Donohue and market primary Andy Goldston will manage the leasing efforts for the Class A workplace job.<.
<< p>> The 19-story, Class A twin towers have 531,468 square feet of workplace.&& nbsp;
<. < p > City Place was initially developed as the headquarters for Tandy Corp. and RadioShack. Between the 2 office towers, Tandy developed an upscale retail shopping center with an indoor ice rink and a subway system to transfer consumers to and from their cars. One of the train automobiles is housed in the building. Spire Realty acquired the task in 2011.&& nbsp;
<. < p > Windhaven Investments Inc. obtained a 9.98-acre infill parcel at 3300 FM 157 in Euless, Texas, near Dallas Fort Worth International Airport. Younger Partners executive handling director John St. Clair and associate Luke Nolan brokered the offer between the purchaser and seller, ClubWise Finance. The list price was not divulged.<.
<< p>> Zoned light commercial, the acreage fronts Euless' significant north/south FM 157 path. The land's distance to DFW Airport and access to Texas Highways 10 and 183 produced potential buyer interest but "Windhaven had the confidence in the tract to close it," St. Clair said.<.
<< p>> The present purchaser strategies to hold the land for financial investment, possibly rearranging it for future sale or bring in developers.<.
<< p><> < strong>> Multifamily train design<.
<< p>> Burleson has a long history with the railway, so it makes sense that a brand-new apartment complex reflects the city's past.&& nbsp;
<. < p > < a href=">https://merriman-maa.com/" > Merriman Anderson Architects< has finished a multifamily project in Burleson called the Depot on Main which is 2 five-story apartment totaling 275 systems. The company offered architecture, interior decoration and other services.<.
<< p>> Merriman Anderson Architects used a contemporary industrial design style with black finishes, and products such as wood, dark metal and steel along with brick included throughout the space. Direct lights duplicating train lights, a train depot station wall covering and other nods to the Old Town district of Burleson were likewise incorporated in the public locations through artwork and accessories.<.
<< p>> Realty Capital Residential is the designer, and Muckleroy && amp; Falls was the professional for the job.<.
<< p><> < em>> Do you have something for the Bob on Business column? Email Bob Francis at bob.francis@fortworthreport.org. .
<< p><> < em>> Bob Francis is company editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news choices are made independently of our board members and monetary advocates. Read more about our editorial independence policy < < a href=" https://fortworthreport.org/about/fort-worth-report-editorial-independence-policy/"><> < em>> here< < em>>.< This << a target="" _ blank"" href="" https://fortworthreport.org/2024/04/22/shopping-food-and-drink-remain-hot-as-jll-names-new-retail-leader-for-dallas-fort-worth/">article very first appeared on << a target="" _ blank"" href="" https://fortworthreport.org">Fort Worth Report< and is republished here under a Creative Commons license.<< img src="" https://i0.wp.com/fortworthreport.org/wp-content/uploads/2021/04/cropped-favicon.png?fit=150%2C150&quality=80&ssl=1" design="" width:1 em; height:1 em; margin-left:10 px;"><" > < img id="" republication-tracker-tool-source"" src="" https://fortworthreport.org/?republication-pixel=true&post=123546" style="" width:1 px; height:1 px;">" >.

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