Office, Retail Quarterbacks Hired for 178,000-SF Repositioning

The duo is Jerry Reis of Irving-based Property Advisers Realty Inc. and Tom Metcalfe of Coldwell Banker Commercial-SA in Dallas. And the first project is Furneaux Creek, a 25% vacant center at the crossroads of Old Denton Road and Texas 190 in Carrollton.

Reis leases Madison's office-tech product and was hired to steer Furneaux Creek's office leasing, construction management and property oversight. Metcalfe is tasked with his specialty, retail leasing and development. Madison tried to turn around the center with two other listing agents in the two years that it's owned the holding. It is hoped that as the line goes, "the third time is a charm."

It's too early to talk about project cost, but Reis confides to GlobeSt.com that Furneaux Creek is in for a major overhaul. The initial makeover will start with cosmetics until Madison games out a long-range plan.

Metcalfe and Reis fondly talk about the days when the center was a pre-eminent shopping venue. Lady Luck walked out a few years ago, leaving the former owners with a rising vacancy.

The previous leasing team snagged a combo theater-dining venue for a shuttered General Cinemas. The eight-screen, 25,000-sf design has just opened. Reis says restaurateurs of three boarded chain brands are close to selling their locations. Two restaurants remain open and one pad site is up for grabs. There's some space not particularly conducive to retail so it's being marketed for offices. The empty retail blocks go as high as 28,500 sf, the inline space of a closed Beall's department store.

Furneaux Creek's deficits are offset by its anchor, Mervyn's. The center itself sits on about 15 acres. The entire tract is about 20 acres plus there's an additional 10 that could be rolled into any development plan. Right now, the high-profile tract has 280,000 sf of retail, opened and closed, but the land in hand could support 400,000 sf.

"It is a vital intersection and one of those that's shining even more now that (Texas) 190's been constructed," Metcalfe emphasizes. Still, there are some steep challenges ahead. But, he's confident the location and renewed interest in strip malls and power centers over regional malls will drive lease-up in the heavily populated and well traveled corridor. Metcalfe isn't holding any letters of intent, but he says that will change in three or four weeks. "There will be some new faces before the fall," he vows.

The team also is co-marketing the Summit at Bridgewood, a 50,000-sf center at the intersection of Loop 820 and Interstate 30 in Fort Worth. That assignment is much easier since it's 90% occupied. The third contract is being kept under wraps for now. When it's signed, Reis will talk.