Lake Worth Marketplace changed hands in a transaction that reinforces the popularity of retail.
Dallas-based Vista Property Company bought the 200,000 square foot strip mall, at 6034 Azle Avenue in Lake Worth, about seven miles from downtown Fort Worth. JLL represented the undisclosed seller. The team that negotiated the deal includes Barry Brown, Chris Gerard, Erin Lazarus, Keenan Ryan and Ben Pollack.
Lake Worth Marketplace is 93 percent occupied and anchored by Kohl’s. Other tenants include Marshalls, Burlington Coat Factory, pOpshelf, Lane Bryant and Bath & Body Works.
The property is near the interchange of Loop 820 and Jacksboro Highway, which stretches from downtown Fort Worth northwest to Jacksboro. The 5-mile radius around the property has a population of 176,000, with an annual average household income of $91,378, according to a news release from JLL.
As expensive debt has slowed transactions in other sectors of commercial real estate, developers are still striking deals for retail property. Retail has proven to be a relatively safe investment amid the turbulence of the office and multifamily markets. Because there’s been very little new retail development in the last decade, availability is low, and retail rents are stronger than ever.
In the fourth quarter of 2023, average asking rent was $20.05 per square foot. The hottest submarkets were central Dallas, north central Dallas and outlying east Dallas, where average asking rents ranged from $24.11 to $26.85 per square foot.
Vista Property Company specializes in acquiring, developing and redeveloping retail properties. Vista owns more than 30 other retail properties in DFW, including Westminster Plaza in Dallas’ University Park neighborhood and Woodbridge Crossing in Wylie. According to Vista’s website, the company also owns properties in San Antonio and Austin.
