The 1.5-acre site is located at 2542 NE 30th St. near Interstate 35W north of downtown Fort Worth.
FORT WORTH—Sun Holdings Corp. recently acquired a 1.5-acre site located at 2542 NE 30th St. near Interstate 35W north of downtown. The visibility of the location may bode well for retail, says JLL.
JLL's Austin Speni represented the seller and JT Evans' Tom Paredes represented the buyer in the negation for the undeveloped land.
"In the recent cycle of retail growth and expansion, Fort Worth is certainly redefining itself," Speni tells GlobeSt.com. "The western suburb of Dallas has now become an entirely separate market. Retailers, restaurants and the like are opening up second locations in our town. When we bring clients to the DFW region from out of state, it's now a three and four market tour: Fort Worth, Dallas, Plano, Southlake. Furthermore, you cannot expect to fully saturate the Fort Worth market with one location. There's multiple small markets inside the Fort Worth market. Bottom line, it's an exciting time to see Fort Worth stand on its own as a retail market on a national level."
Fort Worth is now the 13th largest city in the country, according to the US Census Bureau's 2019 population estimates. The city has grown by nearly 21% since 2010, and is projected to have a population of more than 1 million by 2024.
"With continued population growth in and around Fort Worth, and increased traffic up and down Interstate 35W, opportunities like this site are becoming more and more attractive to perspective retailers and developers who want to capitalize on our growing number of commuters," said Speni. "This tract provides a great location with terrific visibility and accessibility."
As JLL predicts solid growth in holiday sales, the cash registers are set to jingle this year. Tech-savvy consumers will shop across channels, but the lion's share will head to stores, with some taking advantage of online purchase and pick-up in store services. Retailers will need to ensure accurate tallies of store inventory as shoppers plan to check product availability before they venture out. While they're in physical stores, shoppers will whip out smartphones to check reviews and make payments. Discounters will win big this season as consumers are focused on saving money as they check off gift lists.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
