PLANO, TX-Atlanta-based Floor and Decor Outlets of America has grabbed 68,000 sf in Collin Creek Crossing for a third location in North Texas. The discount flooring retailer, eyeing an opening in two months, is filling the lion's share of a shuttered Kmart in the 385,000-sf center.
Floor and Decor, a three-year-old concept with eight locations, signed a 10-year lease to become the first tenant in the 107,363-sf former Kmart, which was part of last year's purchase by the San Francisco-based Rreef, Terry Syler, executive vice president for the Retail Connection in Dallas, tells GlobeSt.com. Floor and Decor's site search and deal-making are being handled by Jean Russo in Cushman & Wakefield of Texas Inc.'s Dallas office and Dean McNaughton with C&W's Atlanta group.
Syler, who teamed with David Levinson of the Retail Connection, says Collin Creek's vacancy is down to 39,363 sf. Rent is running in the high single-digits. In recent months, BJ's Brewery and Dollar Tree opened doors on a pad site and inline space, respectively. Jim Weir of the Woodmont Co. in Fort Worth negotiated a 10-year lease for Dollar Tree while BJ's broker structured a 20-year deal, according to Syler.
The sweet spot for Floor and Decor is that it can fit into retail or warehouse space. At 2450 E. Pioneer Parkway in Arlington, it took down retail space as it did in Plano, but used a ProLogis-owned warehouse at 2350 Alberta Dr. in Dallas for its first location in North Texas, which opened in fall 2003.
Floor and Decor's expansion plan for Texas is being kept under wraps since its chief competitors are Home Depot and Lowe's Inc. The discounter, planning to double the store count this year, also has two stores in Houston, three in its homeport and one in Florida, according to information on Floor and Decor's website.
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