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ARLINGTON, TX-An anchor tenant is the “missing piece of a puzzle” being put together to develop a 70,000-80,000 retail center near one of Arlington’s busiest intersections.

Leasing agent Mark Cohen of Cornerstone Commercial Real Estate in Dallas tells GlobeSt.com that a couple of promising anchor tenants have recently dropped out of the running for the seven-acre Arlington Court development being plotted near the intersection of Collins Street and Randol Mill Road. According to traffic surveys, 37,000 vehicles per day pass the site’s Collins Street side while 18,000 pass the Randol Mill Road border. The property is contiguous to a super Kmart, positioned at the corner of the heavily traveled intersecting streets and situated within blocks of the Ballpark at Arlington, home to the Texas Rangers baseball team.

Cohen says he has several smaller tenants waiting in the wings for the development to launch. The project has been in the planning stages for nearly a year. The renderings are in place, the site plans are complete and so is the Houston developer, whom Cohen is declining to identify at this stage of the game. “We knew this was going to be a very hard deal,” Cohen tells GlobeSt.com. “We’re working very hard at it.” He says he still has some anchor prospects in the hopper, but nothing has been firmed up that would jumpstart the project.

He has been looking at all types of anchors, with a focus on a grocery chain–one that would need better than 30,000 sf–for the foreign investment group that owns the property. “The anchor’s the key piece to the puzzle and the rest will fall in place,” he says, citing the need to resolve signage issues. “We’ll get that if we can get the tenant.” Without a signed anchor, Cohen says the project “may not get off the ground.”

Cohen says he has several interested big box retailers looking at taking the entire site, adding yet another to the many dotting the high-volume business corridor. The property is particularly appealing to develop because it’s situated in the midst of a high-occupancy business sector. “There’s very limited available space in that area,” he emphasizes.

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