Petco also signed long-term lease
A new shopping center will be developed in Georgetown that will add 120,000 square feet to the suburb’s retail market.
The Cedar Breaks West Shopping Center, which will be anchored by a 23,000-square-foot Sprouts Farmers Market grocery store, will rise on the northwest corner of Williams and Wildwood drives. Durhman & Bassett Realty Group Inc. is developing the project, and leaders said they have already signed leases for most of the space. About 40,000 square feet remains available.
Companies joining the center include Petco, which will fill roughly 12,500 square feet, as well as Mojo Coffee, Heartland Dental, Luxx Nail Bar and more. Steve Durhman, company president, declined to disclose other retail and restaurant names in the lineup. He stated there will be some “soft goods” anchors in the back of the center, referring to retailers that offer items such as clothing.
Construction began about two weeks ago and is slated to be finished over the next 18 months, Durhman said. The company declined to disclose construction costs.
Lease terms vary with standard leases typically running for five, 10 or 15 years, said Derek Quinn, broker at Durhman & Bassett. Quinn said Petco inked a long-term lease, though he did not provide specifics.
Sprouts Farmers Market Inc. signed a 15-year term, said Dan Croce, Sprouts’ senior vice president of real estate. He previously told ABJ that he expects the Georgetown store to be open in the fourth quarter of 2024. The Phoenix-based grocery store chain is ramping up a nationwide expansion that could ultimately lead to 12 grocery stores across Central Texas, up from the six stores currently operating in the area.
The three land parcels that will house the shopping center are valued at more than $5.3 million and are owned by Georgetown Retail Land III LP, according to data from the Williamson Central Appraisal District. The property sits in front of Terraces at Woodlake KB Homes, a community of 160 homes.
The Durhman & Bassett portfolio includes properties such as Burleson Crossing in Bastrop, Cedar Breaks Centre in Georgetown and Crossroads Shopping Center in Austin.
Austin-based BRR Architecture Inc. is designing the new Sprouts story. Its grocery portfolio includes stores for Whole Foods Market Inc., Schnuck Markets Inc. and more.
Georgetown was recently pegged as the fastest growing city in the U.S. with a population of more than 86,000 residents as of 2022.
The suburb north of Austin also has the highest rate of retail under construction with approximately 690,000 square feet as of the second quarter of 2023, according to Partners. Square footage in this part of the metro trends slightly lower than average at $24.50 per square foot. The Austin metro average is $25.28. The retail occupancy rate is also on the rise between the second quarter and third quarter of this year by about 1%, reaching 97.3% in the third quarter, according to the latest data from CBRE.
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