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Kim_Gatley
Kim Gatley
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enior Vice President & Director of Research at REOC San Antonio

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New Cencor retail development along Wurzbach Parkway highlights citywide trend toward smaller centers

Parkway Oaks Site

Parkway Oaks Site

When Cencor Realty Services broke ground on its new 12,000-square-foot Parkway Oaks retail center, it was already 70 percent leased.

And in the city’s retail market, that isn’t an anomaly. The center, nestled in the southwest corner of Wurzbach Parkway and Blanco Road on a former Wal-Mart outparcel, point to three significant trends in the city: retail development is picking up, the project size is getting smaller and demand among tenants continues to climb.

“No question — smaller retail centers lease up quickly,” said Michael Schoenbrun, Cencor’s city partner. “There has been very little development in the past five years, and with the economy doing well and businesses doing well, people want to expand. There’s a lot of demand from users.”

The center has signed Bahama Buck’s, Sport Clips, AT&T and Texan Urgent Care, leaving 4,000 square feet for two or three more service-oriented users.

The Weitzman Group, Cencor’s realty arm, bought the 1.46-acre site from Wal-Mart Stores Inc. Schoenbrun said that having the retail giant as its neighbor will be a “major anchor and draw a lot of traffic.”

At the same time, a majority of new retail development in the city will be floating without an anchor.

According to REOC San Antonio‘s second-quarter retail report, the market closed with a healthy 10 percent citywide vacancy rate. That stability has prompted a wave of construction, but that new supply will be small and targeted toward food and service tenants.

Brian Harris, REOC San Antonio’s senior vice president and partner, said: “Speculative development will remain user-driven and limited to smaller projects, but retailers and restaurants will continue to expand to serve San Antonio’s growing population.”

Click to read entire article: New Cencor retail development along Wurzbach Parkway highlights citywide trend toward smaller centers (San Antonio Business Journal, 08-12-15)

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