A suburban Dallas retail strip with redevelopment potential has a new owner.
San Francisco-based Bridgeway Properties picked up Campbell Junction, a 43,000-square-foot retail property at 2000-2010 North Plano Road in Richardson, according to a press release from Marcus & Millichap, which had the listing. The seller is Xiaogang Fan, a real estate agent based in Richardson. The sale price was not disclosed.
The 19-suite property built in 1985 sits on 4.4 acres and includes three buildings. The property also features a 0.7-acre pad that could be developed, the release said. The property is fully occupied and is home to a Subway and a My Eye Doctor office. Campbell Junction is about 17 miles northeast of downtown Dallas.
The property “may be a candidate for partial redevelopment or mixed-use conversion,” Marcus and Millichap’s Philip Levy said in the release. He marketed the listing.
Warnings of the death of retail after the Great Financial Crisis scared developers away from building new retail properties over the last decade. But e-commerce didn’t kill retail as everyone expected, and the pandemic left people craving in-person experiences.
As a result, retail real estate — especially in a high growth market like Dallas-Fort Worth — has proven to be a popular investment, as space is limited from lack of new development and rents are high.
In Dallas-Fort Worth, retail rents are up from a year ago, increasing from $19.78 per square foot to $20.28 per square foot, according to Partners Real Estate. Vacancy rates are stable at 4.8 percent.
The market’s stability means the region was able to weather the closure of big-box retailers, like Party City and Tuesday Morning. The empty space has been quickly gobbled up by experiential users like fitness centers and pickleball facilities. Even bookseller Barnes & Noble is having a renaissance.
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