Interior abatement on the 110,743-sf two-story department store is now under way. Nathan Wood, first vice president for CB Richard Ellis in Dallas, tells GlobeSt.com the store, which is a rarity because it has a basement, and connected parking garage will come down at year's end or early 2009 to ready the land for the rebuild, the Shops at Camp Bowie. He's not discussing the all-in project cost, but the property as it now stands is assessed at $2.25 million and current construction prices for higher end retail have been topping $200 per sf in the region.
Wood and CBRE sales assistant Ryan Byrne will unveil the project at October's ICSC convention in San Antonio. Armstrong's local brokers, who also negotiated the acquisition, are in talks with a bank for a 37,820-sf ground-leased pad site at the Hilldale Road traffic signal. The other pad site, 21,000 sf, at the Ridglea Avenue signal is reserved for a 7,500-sf restaurant to anchor the project. If all goes as planned, the Shops at Camp Bowie will open in late summer or early fall 2009.
Wood says the preleasing pipeline would fill about 25% of the upcoming retail space. He estimates the 50% mark will be hit by year's end. The shop quote is $30 per sf, triple net, and ground-leased pads are $5.50 per sf, triple net.
[IMGCAP(2)]Armstrong took the deal across the finish line in 120 days after other would-be buyers failed in bids to win the site, which went on the market shortly after the Stripling & Cox store closed in midsummer 2007. RE Cox Realty Co. of Fort Worth was the only owner in the 46-year-old store's history.
"A couple groups ran at this unsuccessfully," Wood acknowledges. "The attractiveness of this is how close it sits to the road. Everyone will have a front door on Camp Bowie." The deal was sealed in mid-September.
Camp Bowie Boulevard's retail corridor is an eclectic mix of boutique shops and local restaurants surrounded by high-end residential, both single family and multifamily. The broker say it's been decades since any new retail has come on line although there have been major renovations of existing centers along the heavily traveled thoroughfare.
The Southwest Fort Worth submarket has 9.5 million sf of inventory and a 10% vacancy, which is 0.5% lower than the citywide rate and 0.75% higher than midyear 2007, according to Dallas-based Weitzman Group. Class A shop rates average $24 per sf versus $22.50 per sf for the Fort Worth market at large.
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