Venture Commercial emerges as Big Box leader with 41 deals in 2010
Venture Commercial Press Release - March 1, 2011
Venture Commercial Real Estate announced today that it closed a record 41 big-box transactions totaling 1.2 million square feet in 2010. Since its inception in 2000, the company has emerged as a leader in leasing and selling North Texas retail anchor properties larger than 15,000 square feet.
A recent analysis of 15,000+ square-foot sales and leases over the three-year period from January 2008 to December 2010 shows Venture Commercial closed 92 deals, representing more than 3 million square feet of properties valued at $181.6 million.
A thorough understanding of big-box real estate is key to the continued recovery of the North Texas retail economy, according to Venture Commercial partner John Zikos. "With a tremendous amount of big-box space currently on the market coupled with Borders' recent announcement of seven North Texas closings, and virtually no new construction on the horizon, the ability to backfill vacant anchor spaces is critical to maintaining a healthy real estate market in 2011," Zikos said.
Venture is active in all facets of big-box work, representing property owners and anchor tenants as well as handling clients' disposition needs. The company's current clients include property owners such as the Bank of America/U.S. Trust, Centennial Real Estate, Burk Collins & Co., and The GDA Companies; and retailers such as LA Fitness, Northern Tool + Equipment, Party City, Save-A-Lot, and Sun & Ski Sports. In addition, Venture handles North Texas dispositions for Albertsons, Mervyns, and DJM Realty.
Creative big-box solution turns aging center around
Venture sold the former Albertsons at Spring Creek Parkway and U.S. Highway 75 to Centennial Real Estate. Centennial subsequently bought the remaining buildings on the aging 130,000-square-foot property and hired Venture to handle the leasing of the center. Venture's creative solution to fill the anchor space resulted in the North Texas debut of 99 Ranch Market, the nation's leading Asian-themed grocer.
"When Venture brought 99 Ranch Market in as the anchor, that enabled us to kick off the redevelopment and revitalization of the center," said Steven Levin, chief executive officer of Centennial Real Estate Company. "As a result, we transformed the property from 70% vacant to more than 76% leased by the end of 2010."
About Venture Commercial
Venture Commercial Real Estate, LLC, is a Dallas-based real estate brokerage firm specializing in landlord and tenant representation, retail pad sales and big-box disposition. Co-founded in 2000 by Mike Geisler and Ken Reimer, today Venture Commercial is a leader in retail brokerage services with more than 17 million square feet of retail properties and over 100 tenant representation accounts. Venture Commercial is the D-FW partner of X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe. For more information visit www.venturedfw.com.
