The 178,500-sf Shops of Southlake at 1200 and 1470 E. Southlake Blvd., is 89% leased, according to David Palmer, executive vice president and head of development in Dallas for Cencor Realty Services. The project, owned by a Cencor partnership, opened in December 2006 with Central Market as its anchor.
"Just like there aren't many Central Markets, there aren't many Nordstrom Racks," Palmer says. Nordstrom Rack has leased 35,000 sf of the 50,000-sf addition, getting a spot beside DSW Warehouse and 7,000 sf of spec retail at its side. The balance of phase two is a 9,000-sf building at the hard corner of Carroll Avenue and Southlake Boulevard.
Palmer tells GlobeSt.com that two restaurateurs are vying for the 9,000-sf opening. "We hope to make a decision relatively shortly," he says. Still in play is a one-ace pad site primed for a bank or office building.
Phase two is slated to open in early fall 2009. The team is quoting rates in the low to high $30-per-sf range for inline space on a triple net basis.
The expansion will build out the 29.5-acre site. Hodges & Associates of Dallas is the project architect. The general contractor will be selected in early October. David Baldwin Associates, also in Dallas, is the landscape architect.
Palmer says Nordstrom and Dallas-based Weitzman Group, Cencor's leasing affiliate, spent most of this year negotiating the deal for the retailer's third Rack in Dallas/Fort Worth. In spring 2009, Nordstrom Rack will open a 35,000-sf store in the 2.9-million-sf Park Lane mixed-use project across from NorthPark Mall in Dallas. It also has a store in Preston Shepard Place at 1717 Preston Rd. in Plano. And, the team has penciled Nov. 13 to cut the ribbon on a Nordstrom Rack at the Rim in San Antonio, a two-million-sf retail component of an 800-acre mixed-use development at the junction of Interstate 10 and Loop 1604 in Central Texas. Nordstrom also operates seven full-line stores in Texas.
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