Brick and Mortar Remains a Mainstay of Retail
A recent US Department of Commerce e-commerce report concluded that 90% of retail remains offline, in brick and motor stores, which is evidenced by four recently sold Texas retail centers totaling $90.8 million.
DALLAS—Who says retail is dead/? Four retail centers in Texas totaling $90.8 million recently closed, which demonstratively puts those rumors to rest. The centers encompass more than 634,000 square feet of retail space.
“The recent US Department of Commerce e-commerce sales fourth quarter 2018 report concluded that 90% of retail remains offline, in brick and motor stores,” JLL managing director Tom Salanty tells GlobeSt.com. “Expect demand for quality retail space to continue. The Texas statistics confirm this. All the major market retail fundamentals are very strong. Rental rates are increasing. Vacancy and new construction starts are also historically low. Texas is a great place to invest.”
Kyle Crossing, located at 5100-5167 Kyle Centre Dr. in Kyle, TX was acquired by Elm Creek Real Estate and Reserve Development LLC. JLL represented the seller, SITE Centers, in the sale of the 121,485-square-foot 16.83-acre retail center.
Temple Towne Center, located at 2112 SW H K Dodgen Loop in Temple, TX was acquired by Clearview Investments Ltd. JLL represented the seller, Kimco Realty Corporation, in the sale of the 274,799-square-foot 26.8-acre retail center.
Brooks Corner, located at 3143 Southeast Military Dr. in San Antonio, was acquired by Stonefield Investment Advisory and REATA Assets, Investments & Development LLC. JLL represented the seller, InvenTrust, in the sale of 173,041-square-foot 35.42-acre retail center.
Firewheel Commons, located at 3046 Lavon Dr. in Garland, TX was acquired by Shayan Holdings. JLL represented the seller, Elm Creek Real Estate and Reserve Development LLC, in the sale of the 64,719-square-foot 5.63-acre retail center.
JLL’s capital markets brokers for the sales were Adam Howells, Salanty and Caroline Binning.
The Census Bureau of the Department of Commerce says the estimate of US retail e-commerce sales for the fourth quarter of 2018, adjusted for seasonal variation, but not for price changes, was $132.8 billion, an increase of 2% from the third quarter of 2018. The fourth quarter 2018 e-commerce estimate increased 12.1% from the fourth quarter of 2017 while total retail sales increased 3.1% in the same period. E-commerce sales in the fourth quarter of 2018 accounted for 9.9% of total sales.