CIM Group Secures 2 Retail Leases in San Antonio

Northwoods Shopping Center. Image courtesy of CIM Group

CIM Group has signed two leases, totaling approximately 40,000 square feet, with department store chain Nordstrom Rack and fast-food restaurant chain Chick-fil-A at its 443,148-square-foot Northwoods Shopping Center in San Antonio. Barshop & Oles brokered the lease on behalf of the landlord, according to a spokesperson representing CIM Group.

In the last quarter of 2022, retail markets showed significant strength due to persistent demand, resulting in shopping centers’ vacancy rates dropping to their lowest level since 2007, according to a Cushman & Wakefield report. The San Antonio market registered a 5.4 percent vacancy rate.

Despite low vacancy rates, there was a deceleration in leasing activity in the fourth quarter of last year, with a total national volume of 21.7 million square feet, marking the lowest volume recorded since the second quarter of 2020, the above-quoted report also reveals.

Upcoming store openings at the property

The new Chick-fil-A restaurant is being built on a 1.5-acre parcel at Northwoods Shopping Center, in a 4,995-square-foot building situated across the parking lot from Nordstrom Rack.

Nordstrom Rack has secured a lease agreement for 34,966 square feet in close proximity to the existing H-E-B supermarket. The company is expected to inaugurate its store at the shopping center in September 2023, as part of a long-term commitment to the location.

The two firms will join the property’s roster of 54 stores, including retail, services, dining and entertainment providers. Barnes & Noble, Marshall’s, Ulta Beauty, Old Navy, Chuy’s, Fish City Grill, La Madeleine French Bakery & Café, Red Robin and Regal Cinemas also have leases at the property.

Located 1734 N. Loop 1604 E., at the southeast corner of U.S. Highway 281 North and Loop 1604 intersection, Northwoods Shopping Center serves a community comprising single-family neighborhoods, apartments, offices and hotels.