Source: REOC San Antonio/Xceligent
After adding four new Walmart Supercenters in 2013, the discount giant opened four more stores in the first quarter. Five additional Walmart stores are currently under construction in the San Antonio area and set to open later this year. Rounding out the list of big box deliveries in the first quarter were two new Sam’s Club stores and a Garden Ridge Pottery store.
In all, the retail development pipeline delivered nearly 950,000 square feet of new retail space in the first three months of the year but, so far, the list of completions does not include any speculative, multi-tenant lease projects. The limited amount of speculative development over the past several years has funneled tenant demand into existing retail centers.
According to the survey of nearly 47 million square feet of retail lease space, healthy tenant demand generated 288,308 square feet of positive net absorption in the first three months of the year which tightened the citywide vacancy rate to 10.1% compared to 11.0% recorded in the same quarter last year. The citywide average quoted triple net rental rate stepped back $0.18 compared to the previous quarter to settle at $16.42 per square foot per year but the current average is up $0.82 compared to the same quarter last year for an upbeat annual increase of 5.3%. …Read Entire Post
At long last, Graham Central Station is getting a new neighbor. ThinAir Trampoline Park, a 30,000-square-foot indoor recreation center, will fill the remainder of what used to be a Kmart in its previous life. The ultimate sports trampoline park is located at 4902 Fredericksburg Rd.
When it opens in late May, guests will be granted access to the massive trampoline field, basketball hoops and dodgeball stadium. ThinAir will offer dodgeball tournaments, birthday parties, trampoline “airobics” classes and club nights with lasers and DJs. …Read Entire Post
California-based LA Fitness is currently in the process of adding two new health-club facilities in San Antonio. Both are located along the northern rim of Loop 1604.
A new facility is slated for The Vineyard Shopping Center located at Loop 1604 & Blanco Road where LA Fitness reportedly signed a lease for 45,000 square feet. Although construction has not started yet, it is expected to begin immediately. …Read Entire Post
Walmart has been very busy in the Alamo City in the first few months of 2014, having recently celebrated the opening of two Sam’s Clubs (2530 Marshall Road and 3239 Goliad Road), introduced its smaller Neighborhood Market concept store (1515 S. Ellison Drive at Marbach), and opened the first San Antonio Walmart location to feature the ‘site to store” component (5200 Block of Walzem Road).
Three more Neighborhood Markets are expected to open later this summer at Hunt Lane & Military, Guilbeau & Tezel, and DeZavala & Lockhill Selma and plans were recently announced for yet another at MarArthur View & Nacogdoches which will span roughly 41,000 square feet and is expected to open early 2015. In addition, Schertz is slated for a 42,000-square foot Neighborhood Center at FM 3009 & Elbel. …Read Entire Post
Westover Marketplace (242,644 sf) was recently purchased by Inland Investments, an Oakbrook, Illinois-based institutional investor. The retail power center, located at 8211 SH 151, is situated at the intersection of Loop 410 and SH 151 and is a major destination shopping venue for the Westover Hills area and the growing communities in the Far West sector.
Occupancy at the time of the sale was reportedly 93 percent with a tenant line-up that includes Target, Gander Mountain, PetSmart and a Toys “R” Us/Babies “R” Us combo store. …Read Entire Post
Work has commenced on a 250-acre mixed-use development in Bulverde that will bring more retail and housing options to the Hill Country town.
Located at U.S. 281 North and Texas 46, Singing Hills will incorporate about 70 acres of commercial space, roughly 160 apartment units and 350 single-family homes. …Read Entire Post
Nordstrom Rack at The Rim
Hines Global REIT recently acquired 796,445 square feet of The Rim, the largest outdoor retail center in San Antonio. Spanning more than 1.8 million square feet in all, The Rim – located at the northeast quadrant of the IH-10 West and Loop 1604 intersection – is home to an impressive list of retailers.
Hines’ portion, which was reportedly purchased from Thomas Land & Development for approximately $176 million and 99.5 percent leased, includes Best Buy, Dick’s Sporting Goods, JC Penny, Nordstrom Rack, Saks Off 5th, TJ Maxx and others. …Read Entire Post
Source: REOC San Antonio
New leases and expansions inked in the fourth quarter generated 164,904 square feet of positive net absorption which pushed the year-end total absorption figure to 391,862 square feet.
With little new product to offset net gains, the San Antonio retail real estate market vacancy rate dropped to 10.3% in the fourth quarter of 2013 – down from 10.7% recorded in the previous quarter and improved compared to 11.7% recorded in the same quarter the previous year. In fact, the San Antonio retail market vacancy is the lowest it has been since the third quarter of 2005. …Read Entire Post
Dick’s Sporting Goods announced that it will open a new store at South Park Mall (801,120 sf) located at 2310 SW Military Dr. The Penn.-based active lifestyle retailer will occupy roughly 50,000 square feet of the 77,000 square feet space previously occupied by Mervyn’s. …Read Entire Post
The DeZavala Crossing retail center, located just off I-10 West at 5219 De Zavala Road in the Northwest sector, recently leased 31,200 square feet to The Tile Shop, a specialty retailer of manufactured and natural stone tiles. …Read Entire Post