A joint venture between Trademark Property Company and Harrison Street Asset Management has secured US$77 million in construction financing. These funds are designated for the development of a mixed-use project in the Dallas-Fort Worth region, which will be anchored by a Whole Foods store. This information comes from Commercial Observer.
Madison Realty Capital provided the loan for the sponsors' Shivers Farm project in Southlake, Texas. The undertaking comprises 37 single-family home plots, as well as 161,000 square feet of retail and office space. A 35,500 square foot Whole Foods Market will be the grocer's first branch in Southlake.
The commercial segment of Shivers Farm, located at 1900 North White Chapel Boulevard on a 40.2-acre site 26 miles northwest of Downtown Dallas, will include approximately 128,000 square feet of retail space and 33,000 square feet of office space across a total of nine buildings. According to Madison Realty Capital, this will be the only retail property north of SH 114 with a grocery focus within a three-mile radius.
Significance for the local market
Samir Tejpaul, Managing Director and Head of Investments at Madison Realty Capital, commented that Dallas-Fort Worth continues to be one of the country's most fundamentally sound and diversified markets. He emphasised that Southlake is a particularly desirable suburb within the metropolitan area, and Shivers Farm will not only establish the first Whole Foods store in Southlake but also expand the retail, office, and residential offerings.
Trademark Property Company and Harrison Street Asset Management announced their joint venture's investment in the Shivers Farm project last week, with construction scheduled to commence this month. Leases for retail spaces totalling 40,199 square feet have already been signed, and active negotiations are underway for an additional 65,000 square feet with other retailers and restaurants, as Trademark reported.
Resurgence of Retail Development
Terry Montesi, CEO and Founder of Trademark, noted a resurgence in retail development across the country, with three of his company's projects starting construction this summer. Montesi highlighted that Shivers Farm represents one of the most significant commercial developments in Southlake in recent history.
- —Financing Amount: US$77 million
- —Anchor Tenant: Whole Foods (35,500 sq ft)
- —Commercial Space: 161,000 sq ft (retail and office)
- —Residential Space: 37 single-family home plots
