The Des Moines-based Principal acquired the northwest Fort Worth center at 6034 Azle Ave. from Canyon Partners of Fort Worth. Details about the sale weren't available by press time.
The seller hung onto four pad sites for future development, which eventually will add muscle for Principal's investment, according to Christopher Walker with Dallas-based Weitzman Group. Cencor's Zoe Lopez is the asset's new property manager.
Walker tells GlobeSt.com that the 10% vacancy is two-year-old space that's been empty since Lake Worth Market Place delivered. "There is no reason that it shouldn't be filled by now," says Walker, who's teaming with Weitzman senior executive Sue Hageman to lead the lease-up drive. He says the new quoted rate is $22 per sf and $4 per sf triple net. And, the largest open block is just 3,400 sf.
The leasing team's goal is to hit 100% occupancy by the end of the first quarter. "It's a really good location," Walker says. "We've had a lot of interest in it." That new interest, he says, are local restaurateurs to add to a mix anchored by a 90,000-sf Kohl's store and 23,000-sf Bed, Bath & Beyond shop. The tenant roster also includes a 28,000-sf Marshalls and 6,500-sf Kirkland's Home plus a host of other national names.
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