CBRE's Dallas Crew Chasing Retailers for 750,000 SF

Robert Ginsburg, CBRE vice president in Dallas, tells GlobeSt.com that deals should start to close before the year ends. The Dallas office has been tasked with the Texas leg of the disposition, accounting for 25 stores of a 45-store listing secured by CBRE's Chicago office. Sixteen of the 25 sites are in Dallas-Fort Worth, with two-thirds situated in Tarrant County. Ginsburg and Kelly Hampton, senior associate, say at least four more stores will be turned over to them to market as the ink dries on the contract for the assignment.

Winn-Dixie, in its retreat from the Southwest US, shuttered 71 leased sites in Texas, five in Oklahoma and a distribution and dairy plant in Fort Worth. Of those, roughly 20 were taken over by Kroger, Brookshire's, Tom Thumb and Fiesta Mart.

Ginsburg says the lease balances run from a couple years to 15 years for anchor spots of 45,000 sf to 61,000 sf. Ginsburg says the space, none older than 1986, is in centers that are "well located at major intersections." The rent range, give or take, is $6.50 per sf to $8.50 per sf. "Some are at market. There are some situations where rent is below market," Ginsburg says.

Obviously the goal is to find single users. But, the team admits, they are courting the 20,000-sf to 30,000-sf crowd, mostly national retailers, in a back-up plan to duplex, if necessary.

The Winn-Dixie spots are projected to go faster than the Food Lions, some still out in the market, because they are not freestanding locations. "The Winn-Dixies," Hampton stresses, "are anchors in shopping centers that are active and vibrant.