Plaza at Rockwall. Picture by CommercialEdge
CTO Realty Progress has accomplished the $61.2 million acquisition of Plaza at Rockwall, a seven-building, 446,500-square-foot retail heart positioned at 991 E. Interstate 30 in Rockwall, Texas. ShopCore Properties is the vendor, based on CommercialEdge knowledge.
The client bought the property in a 1031 change with funds derived from a revolving credit score line. Following the acquisition, CTO Realty anticipates many tenants re-leasing their areas, and intends to conduct repositioning tasks throughout the property.
The acquisition marks the second 1031 change between the client and vendor. In October of 2022, CTO Realty bought West Broad Village, a 392,000-square-foot grocery-anchored retail advanced positioned in Glen Allen, Va.
A Dallas energy heart
Plaza at Rockwell was constructed over 42 acres in 2007, and was bought by ShopCore in 2010, based on CommercialEdge info. At current, the property, a neighborhood energy heart, is anchored by Finest Purchase, Dick’s Sporting Items, HomeGoods and Ulta Magnificence, all of which have leases in extra of 10,000 sq. toes. The property’s largest tenant is a 103,639-square-foot house occupied by JCPenney. Gretchen Miller and Emilie Paulson, respectively senior vp and vp of Weitzman, handle leasing on the property.
READ ALSO: What’s Driving Dallas Retail: An Investor’s View
Along with its retail house, Plaza at Rockwall additionally contains choices from health, magnificence and dining-focused purchasers. With direct entry to Interstate 30, Plaza at Rockwall is inside 5 miles of a inhabitants of 99,000 residents, and has direct freeway entry to downtown Dallas, 21 miles to the southwest.
Retail resiliency round Dallas
The Dallas-Fort Value metro’s sturdy growth pipeline, low emptiness charges and excessive internet absorption mirror most of the retail sector’s successes all through the nation, and have attracted sizeable investments. In response to knowledge from a primary quarter 2023 report from Cushman & Wakefield, the Metroplex space has greater than 1.5 million sq. toes of retail house beneath development, a emptiness fee of seven.3 % and north of 1 million sq. toes of constructive internet absorption. Dallas-Fort Value’s retail power is attributed partly to its speedy inhabitants progress, pushed by company relocations, the expansion of its industrial sector, decrease taxes and relative affordability compared to different employment hubs within the Solar Belt.
