ShopCore Sells Fort Worth Retail Center

Eastchase Market was 91.9 percent leased at the time of sale. Image courtesy of CommercialEdge

ShopCore Properties has sold Eastchase Market, a 261,730-square-foot retail center in Fort Worth, Texas. The buyer, Leeton Real Estate, financed the purchase with a $11.7 million loan from Park Circle Financial, according to CommercialEdge data. JLL represented the seller.

Completed in 1995, the shopping center is anchored by AMC Theatres, Ross Dress for Less, Spec’s, Big Lots, Harbor Freight Tools and Marshalls and shadow-anchored by Target and Aldi. At the time of the sale, the property was 91.9 percent leased.

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Located at 1600 Eastchase Parkway, in the Eastchase neighborhood, the retail center is just south of Interstate 30, in an area where the traffic count reaches approximately 150,000 vehicles per day. Eastchase Market serves a population of 252,400, approximately 41,600 multi-housing units and 99,000 households within a 5-mile radius.

Senior Managing Director Adam Howells, Senior Managing Director Barry Brown and Analyst Cole Sutter led the JLL team which negotiated on behalf of ShopCore. Brown was also one of the brokers assisting the firm in the recent sale of another Dallas-area property, a 140,218-square-foot grocery-anchored retail center in Plano, Texas.

Dallas-Fort Worth’s retail market recorded 713,000 square feet of positive net absorption in the second quarter of this year, according to a Cushman & Wakefield report; the metro ranked second in the U.S., after Chicago (1.28 million square feet). In terms of vacancy rates, the Metroplex clocked in at 6.4 percent, 40 basis points lower year-over-year but 1 percent higher than the national average.