TEXAS SNAPSHOT, DECEMBER 2008

Fort Worth: Retail Hot Spot

Burleson, Texas

Webb

TREB: What trends do you see presently in retail development in the Burleson area?

Webb: Despite the slowing economy, Tarrant and Johnson counties continue to experience solid residential and retail growth. While the explosive growth has slowed some, the market is still seeing activity. Some of this is driven by energy, as Johnson County has a high concentration of the Barnet Shale. Oil and gas prices will climb again in the near future, and that current pull back is situational.

TREB: Please name some significant developments that have or will take place in the area, and the impacts they will have on the market.

Webb: We recently opened Burleson Commons, a 165,195-square-foot shopping center 45 miles south of Dallas/Fort Worth in Burleson. A new 12-screen Premiere Cinemas theater anchors the development, which sits at the intersection of State Highway 174 and FM 173. Adjacent to our property is a new shopping center called South Towne Crossing. The Home Depot and Target serve as shadow anchors to the 59,986-square-foot center, which features tenants such as Office Depot, Washington Mutual, Payless ShoeSource and Subway. Additionally, H-E-B Grocery will open its first Dallas/Fort Worth store directly across the street in 2010. These developments continue to expand the trade area for the market, plus they retain more of the existing customer base by providing a greater variety of common goods and services within a 5- to 10-minute drive.

TREB: Where is the majority of development taking place?

Webb: This intersection of SH 174 and FM 731 outside of Fort Worth is the bull’s eye of this market’s growth. It is on the main Cleburne-to-Fort Worth commuting route, and it is at the intersection to a major new home subdivision development.
TREB: Who are some of the more active retailers in the area?

Webb: Target, The Home Depot, H-E-B Grocery, Starbucks Coffee, Premiere Cinemas, Peter Piper Pizza, CVS/pharmacy, Walgreens and Wal-Mart are all very active.

TREB: What retailers are new to the area?

Webb: Premiere Cinemas and Peter Piper Pizza recently entered the market with locations at Burleson Commons.

TREB: What major retail leases have been closed recently?

Webb: Marble Slab Creamery, Dunkin’ Donuts, CVS/pharmacy, Luxury Nails, All About Wireless, Big Apple Bagels, Little Gym, Wine Styles and Hospital Corp. of America have closed leases in the market recently.

TREB: What are the retail vacancy rates?

Webb: Burleson Commons’ vacancy is 10 percent. Other centers in the immediate area are 95 percent to 100 percent leased.

— Carey Webb is vice president real estate for Cullinan Properties, LTD in Lewisville, Texas.

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