Texas Real Estate Business

MAY 2016

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

Issue link: https://texasrealestatebusiness.epubxp.com/i/674650

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Page 1 of 49

The Grocery List: What's Impacting the Market in Texas G rocery-anchored retail centers continue to be a popular and growing commercial real estate sector in Texas. Competition is ferce for grocery chains, which make strong retail an- chors because they draw consistent trafc as customers frequently visit the same store several times per week. "The grocery-anchored shopping center continues to be a hot com- munity for private investors as well as institutional owners," says Adam Gottschalk, vice president of Dallas- based brokerage frm Vitorino Group. "These are very stable developments, and even with the increasing presence of online retail, grocery stores are a re- tail asset customers visit because they want to touch and feel the products before making a purchase." Population growth in the Lone Star State has fueled the growth of neigh- borhood and community centers an- chored by grocery stores. More than 410,000 new residents moved into the state's four major metro areas in 2014 alone. Several competitors, including Kroger, Walmart, H-E-B, Sprouts and others, are vying to gain a larger mar- ket share in the Lone Star State. One company, Austin-based Whole Foods, is launching a new brand this month called 365 by Whole Foods Market. According to the company, the lower-priced stores will "ofer con- venience and everyday low prices on natural and organic products that A trio of Lone Star State com- panies are redefning what it means to go bowling, hit the driving range or head to a movie — and they're seeing success on the com- mercial real estate front in the process. Dallas-based Main Event Entertain- ment and Topgolf, along with Austin- based Alamo Drafthouse Cinema, all bring a renewed focus on the custom- er, high-quality food and an overall commitment to a frst-class experience that has led to success. Eat. Bowl. Play. Founded in 1998, Main Event En- tertainment's most basic element is a bowling alley, but locations also ofer a full bar, laser tag, arcade games, rock climbing, billiards, an obstacle course and more. Its motto is "Eat. Bowl. Play." Main Event is a subsidiary of Ar- dent Leisure, an Australian leisure company that owns and operates a portfolio of more than 100 assets. Ar- dent is publicly listed on the Austra- lian stock exchange. The company recently opened its 25th location in Louisville, Ky., with new stores planned in Cincinnati and Albuquerque, N.M. By mid-2017, Main Event plans to open eight ad- ditional centers in Florida, Arkansas, Missouri, Georgia, Louisiana, Arizo- na, Tennessee and Illinois. www.REBusinessOnline.com May 2016 • Volume 12, Issue 3 TEXAS-BASED COMPANIES DRIVING RETAIL TRENDS Main Event Entertainment, Topgolf and Alamo Drafthouse Cinema excel in experiential retail. By Haisten Willis WHOLE FOODS HEATS UP GROCERY SECTOR Whole Foods brings 365 brand into growing sector. By Haisten Willis Strong Demand, New Developments in Store for Fort Worth page 32 Net Lease Investment Sales Activity Maintains Brisk Pace page 38 page 34 INSIDE THIS ISSUE see RETAILERS, page 44 see GROCERY, page 46 Topgolf operates nine locations in Texas, including this one in the Houston suburb of Webster. The company's biggest demographic is males aged 18-34. TARGET TO ANCHOR KIMCO'S GRAND PARKWAY MARKETPLACE IN HOUSTON Kimco's 500,000-square-foot Grand Parkway Marketplace is under construction at the intersection of Grand Parkway and Kuykendahl Road. See page 42 to learn more.

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