United Commercial Realty
Oak Cliff on the radar for new retail10.7.2005- Sandra Zaragoza, Dallas Business Journal
After a long lull in new retail construction, Oak Cliff shopping centers are finally getting some new retail neighbors.
Developers are betting retailers will be eager to snap up space to get closer to the booming Hispanic population in the southwest Dallas neighborhood of Oak Cliff.
Dallas-based Direct Development recently broke ground on Sierra Vista Plaza, a 175,000-square-foot shopping center on the southwest corner of Westmoreland Road and Illinois Avenue. The center will be anchored by a Carnival grocery store, Minyard's Hispanic grocery format.
Dallas-based United Commercial Realty broker Lou Miranda, along with a group of investors, is developing a 6,500-square-foot shopping center at Jefferson and Van Buren avenues in Oak Cliff. Miranda hopes to break ground in 30 to 45 days, once pre-leasing is complete.
Miranda views his project as infill development in a trade area where the demand for retail space is great.
For many national retailers along Jefferson Avenue, the Oak Cliff locations are said to be among the highest performing in the chain.
Second-generation space in Oak Cliff typically leases from $16 to $18 per square foot, but Miranda's project will lease in the $20 per square foot range.
So far, interest from national and regional retail players hasn't been a problem, Miranda said, adding that he plans to be selective.
Sierra Vista also has a number of retailers' attention, including banks "who are trying to address the Hispanic market," according to Dave Valdez, president of Henry S. Miller Commercial's International division.
Direct Development recently tapped Henry S. Miller's Commercial International division to lease the space. Carlos Pina, Estela Reynoso and Lydia Huang are also leasing Sierra Vista Plaza, which is slated to open mid 2006.
"There is a void in the market for new, modern shopping center product that targets Hispanic shoppers," Valdez said.