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2016 Retail Market Survey Tyler, Texas

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2016 Retail Market Survey Tyler, Texas BURNS COMMERCIAL PROPERTIES 2017 RETAIL MARKET SURVEY TYLER, TEXAS The Retail Market Survey compiled by Burns Commercial Properties reveals that the retail sector continues to be the strongest sector of the Tyler commercial real estate market. The seventy four properties surveyed (up from sixty eight last year) currently report an occupancy rate of eighty seven percent, almost identical to the eighty seven and one half percent level in last year’s survey. The average asking rate for leases stands at $17.88 per square foot per year, an increase from the $16.83 rate calculated in the 2016 report. The total amount of retail space represented by the participating properties is 3,385,009 square feet, an increase of 105,192 square feet. The amount of vacant space stands at 445,421 square feet, up from 407,081 square feet. The total absorption of space during the year was 66,852 square feet. The problems existing nationwide which major retailers are struggling with concerns the increased tendency of shoppers to purchase goods online rather than in stores. A number of major chains have been closing stores due to a downturn in sales. Thus far, Tyler has experienced the closing of the Macy’s Department store and Gordmans. Another negative occurrence in the local market has been the recent closing of several restaurants, some of which occurred after the data for this report had been obtained. This trend could become more pronounced in Tyler during the current year as the retail sales taxes collected by the City of Tyler decreased in calendar year 2016. Because of the impact of online shopping, plus the large amount of retail space constructed in the past three years, it is likely that additional large retail centers will not be considered prudent by developers and lenders. Forty of the centers surveyed reported occupancy rates of ninety percent or higher. The bulk of the properties which reported a large percentage of vacant spaces are either older properties or newly constructed centers which are still in the lease up stage. This survey does not include Broadway Square Mall or single tenant free standing properties. Thanks to the owners and Property Managers who provided the data necessary to complete this report, and to Rebecca Hitt of the Burns Commercial Properties staff for compiling it. Taylor Burns 2017 Retail Market Survey Presented by Burns Commercial Properties Tyler, TX - Spring 2017 Largest Current Current Available Property Owner Contact Year Built Total Size Occupancy Vacant Quoted Rent NNN Charges Sapce Anchor Tenants Matthew Marshall Alexander Plaza Southern Classic Drake Real Estate & Investments 2016 6,500 SF 100% 0 SF $35.00 /SF $6.00 /SF 0 Taziki's, America's Best 6710 S. Broadway Ave. Holdings, LLC (903) 581-3737 Martin Heines Beckham/Fifth Street Briarwood Group, Real Estate Services 1965 90,000 SF 100% 0 SF $10.00 /SF $1.25 /SF 0 Big Lots, ETMC E. Fifth Street LTD (903) 593-2367 Martin Heines Beckham/Fifth Street Pollard-Heines Real Estate Services 1994 7,000 SF 100% 0 SF $14.00 /SF $4.00 /SF 0 Jersey Mike's, The Catch, Amelia's Sweetery SE Corner (903) 593-2367 Martin Heines Beckham/Fifth Street Pollard-Heines Real Estate Services 1965 32,500 SF 90% 3,400 SF $10.00 /SF $1.20 /SF 1,250 Miscellaneous small retail SW Corner (903) 593-2367 Julius Bergfeld Bergfeld Center Bergfeld $10.00 - Brookshire's, Luby's, CVS Pharmacy, The Bergfeld Realty 1948 157,717 SF 95% 7,100 SF /SF Gross Rent /SF 4,728 Broadway @ Eighth St. Center, LP $16.00 Egg & I (903) 592-1032 David Adams P.D. Capital Broadway Center The Woodmont Company Broadway Center 1963 60,000 SF 87% 8,000 SF $15.00 /SF $3.15 /SF 4,448 Steinmart, Dollar Tree 2125 S. Broadway (817) 732-4000 Tyler, LLC Art Mullan Broadway Crossing Broadway Crossing, Drug Emporium, Marshall's, Best Buy, Signature Management 1992 135,151 SF 100% 0 SF $20.00 /SF $3.60 /SF 0 5600 S. Broadway LTD Petsmart, Shoe Carnival (903)526-0880 Matthew Marshall Broadway Hills Plaza $22.00 - Pizza Hut, Complete Business Systems, CHB Interests, LLC Drake Real Estate & Investments 2009 10,075 SF 100% 0 SF /SF $6.00 /SF 0 7925 S. Broadway $24.00 Edible Arrangements, Sprint (903) 581-3737 Andy Crosland Broadway Market Center $28.00 - Ross Dress For Less, Avenue, Jason's Deli, Dunhill Partners Dunhill Partners 2001 94,000 SF 100% 0 SF /SF $4.77 /SF 0 4901-4949 Broadway Ave $34.00 Starbucks, Stage, Eyeglass World (956) 631-2651 Mark Whatley Brookside Village The Genecov Group, Burns Commercial Properties 1983 38,092 SF 92% 3,195 SF $12.00 /SF $3.43 /SF 1,988 Chili's, 360 Fitness 531 WSW Loop 323 Inc (903) 534-1200 2017 Retail Market Survey Presented by Burns Commercial Properties Tyler, TX - Spring 2017 Largest Current Current Available Property Owner Contact Year Built Total Size Occupancy Vacant Quoted Rent NNN Charges Sapce Anchor Tenants Matthew Marshall Corner @ Chapel Hill, The Forster & Giles Drake Real Estate & Investments 2005 8,684 SF 30% 6,100 SF $13.00 /SF $2.00 /SF 6,100 Subway, Farmers Insurance 11980 Hwy 64 E. Investments (903) 581-3737 Matthew Marshall Epperson Plaza Patricia Potts Drake Real Estate & Investments 1978 12,845 SF 40% 7,676 SF $16.00 /SF $3.00 /SF 7,676 Broadway Dental, T-Mobile 5625 S. Broadway (903) 581-3737 Fernando Martinez Glenn Eikner Fifth & Fleishel Payless Shoes, Jackson Hewitt Tax Service, & Burns Commercial Properties 1960 22,289 SF 100% 0 SF $10.00 /SF $2.51 /SF 0 E. Fifth St./Fleishel Roast Chicken Social Kitchen Jose Martinez (903) 534-1200 Fountains at Chimney Rock Mark Whatley 5730 Old Bullard Rd KPE Investments, LLC Burns Commercial Properties 2011 31,007 SF 100% 0 SF $26.00 /SF $7.33 /SF 0 Panera Bread, Jos A Bank, Michael's (Cover Photo) (903) 534-1200 Bridgett Mauritzen French Quarter Lasaters French Pier One Imports, Boot Barn, Jared's Property Manager 1976 141,220 SF 89% 16,000 SF Negotiable /SF $4.40 /SF 12,000 S. Broadway/Loop 323 Quarter Jewelers (903) 561-6644 Glenn Eikner/Aaron Uncapher Front & Beckham The Genecov Group, $6.00 - Burns Commercial Properties 1956 65,691 SF 76% 15,674 SF /SF $1.27 /SF 9,780 Family Dollar, Ladies Time, Rent-A-Center Beckham/E. Front St. Inc $8.00 (903) 534-1200 Mark Whatley Gateway Plaza The Genecov Group, Burns Commercial Properties 1999 49,675 SF 100% 0 SF $16.00 /SF $3.53 /SF 0 Office Max, Racquet & Jog 5361-5403 S. Broadway Inc (903) 534-1200 Mark Whatley Gateway Towers The Genecov Group, UPS Store, Social Security Office, Pottery Burns Commercial Properties 2009 10,494 SF 100% 0 SF $14.00 /SF $3.97 /SF 0 5380 Old Bullard Rd Inc Café (903) 534-1200 Glenn Eikner/Blair Swaim Green Acres Shopping Center The Genecov Group, $8.50 - Cardiovascular Associates of East Texas, Burns Commercial Properties 1950 159,892 SF 84% 25,464 SF /SF $2.23 /SF 6,604 1700 - 1880 Troup Hwy Inc $10.00 Dollar General, Sherwin Williams, Katie's (903) 534-1200 Don Simmons Heritage Retail Center 301 W. Heritage, LLC Simmons Real Estate 2008 11,483 SF 100% 0 SF $16.00 /SF $4.50 /SF 0 Salon Boutique 301 W Heritage Dr. (903) 581-5858 2017 Retail Market Survey Presented by Burns Commercial Properties Tyler, TX - Spring 2017 Largest Current Current Available Property Owner Contact Year Built Total Size Occupancy Vacant Quoted Rent NNN Charges Sapce Anchor Tenants Greg Caton Highland Village Card & Party, Dollar Tree, Anytime Fitness, C.G. Investments Caton Property Group 2000 46,650 SF 100% 0 SF $12.00 /SF $1.89 /SF 0 3826 Troup Hwy Renal Care Group (903) 939-9849 Marc Ivy Kinsey Crossing Rounder's Pizza, Dunkin Donuts/Baskin One Tyler, LLC Bridgewater Realty Group 2014 24,090 SF 88% 3,000 SF $22.50 /SF $5.00 /SF 3,000 1400 WSW Loop 323 Robbins (903) 881-3171 Matthew Marshall KNB - Gresham Center Kilgore National Drake Real Estate & Investments 2006 8,000 SF 25% 6,000 SF $12.00 /SF $3.50 /SF 6,000 Donut Palace 16637 Old Jacksonville Hwy Bank (903) 581-3737 La Piazza Hooper Tyler Robert Means 2008 33,250 SF 76% 8,000 SF $22.00 /SF $6.25 /SF 8,000 Harley's, Bridgette's, Dakota's Steak House 4815 Old Bullard Rd. Properties (903) 594-8880 Glenn Eikner/Aaron Uncapher Lincoln Plaza The Genecov Group, Burns Commercial Properties 1970 33,723 SF 100% 0 SF $10.00 /SF $1.99 /SF 0 UT Health Science Center 2215 - 2235 W. Gentry Inc (903) 534-1200 Glenn Eikner/Aaron Uncapher Lone Star Center The Genecov Group, Burns Commercial Properties 1960 25,537 SF 68% 8,248 SF $8.50 /SF $1.83 /SF 4,197 Tyler Fung Fu 2500 Block, E. Fifth St. Inc (903) 534-1200 Dan Spivey Loop East Center Roosth Properties Roosth Properties 1968 79,089 SF 72% 21,928 SF $10.00 /SF $2.00 /SF 9,913 Brookshire's Loop 323/E. Fifth St. (903) 593-8333 Mark Whatley Macy's Plaza The Genecov Group, Burns Commercial Properties 1982 30,784 SF 81% 5,799 SF $15.00 /SF $4.13 /SF 3,513 Dressin' Gaudy, SAS Shoes, Cookie Bouquet 4700 S. Broadway Inc (903) 534-1200 Mark Whatley Macy's II The Genecov Group, Burns Commercial Properties 1978 63,613 SF 100% 0 SF $11.00 /SF $3.23 /SF 0 Natural Grocers, Ashley Furniture 4820 S.
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