The Telecom Corridor Sees Retail Rebirth
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Major developments like the $1.5B mixed-use CityLine are attracting activity on a smaller scale surrounding these mammoth projects and turning Richardson's Telecom Corridor into a retail hot spot. We talked to one broker who is killing it in these retail strip centers.
Weitzman Group’s Joey Keffler tells us he’s seeing the entire market reborn, particularly the Telecom Corridor. Retailers are starving to get back into Richardson, and the goal of shopping center owners is to make sure they have a place to land. These smaller centers are meeting the needs of retailers who want to serve an affluent, growing population with food, service and medical concepts. Take Campbell Way, he says, within a three-mile radius, the average incomes are nearly $90k, and the market is on track to grow nearly 8% over the next four years. For a mature market, those are strong numbers, and it’s thanks to the renewed interest from major corporations and younger residents.
Joey is handling leasing for Campbell Way (pictured) with colleague Michelle Caplan. The project is a redeveloped former Half Price Books at the corner of 75 and Campbell. Among the deals they’ve inked in the 38k SF project is an 8k SF Mattison Avenue Salon Suites and Spa (The Retail Connection’s Luke Wilson repped the tenant), as well as a seafood restaurant. An existing Café Brazil is on a pad at the front of the property. Joey says the redevelopment is a great sign of demand, as well as an indicator of a developer who recognizes the need for Class-A real estate. Joey is also handling another new project, Breckinridge Corners IV, with colleague David Zoller. It’s a new neighborhood-retail development at Renner and North Star. That 17k SF project has seven shop spaces designed for food, medical and salon services. Joey says an indicator of its success is that it’s 90% pre-leased with only 1,600 SF available.
Joey (and colleague Eddie Liebman) also just sold an 83k SF mixed-use specialty retail and office project called The Shire at 190 and Jupiter Road. (Huey Investments and Standridge Cos purchased The Shire. The seller was restaurateur Dale Wamstad.)