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Weitzman affiliate buys retail center in affluent suburban pocket
A shopping center of more than 100,000 square feet anchored by a Tom Thumb has been acquired by an affiliate of Dallas-based Weitzman.
Built in 1990, the bustling Arapaho Village is in a relatively wealthy area of Richardson — average household income within a mile of the center is around $141,000, according to data from retail analytics firm Esri. About 397,000 people live within 5 miles of the retail, with average household incomes of over $127,000.
The center, on the southwest corner of W. Arapaho Road and West Shore Drive, gets significant traffic, with more than 26,700 vehicles passing by the center each day, according to a flyer for the property.
Additionally, in September 2021, Wasa sold 0.5 acres of pad space in Arapaho Village to Oregon-based Dutch Bros Coffee. The popular West Coast coffee shop, which has been taking North Texas by storm, operates a 920-square-foot building with a drive-thru on the property.
With additions like Dutch Bros, the center is currently about 92% leased with 22 existing tenants and four small vacancies, according to Disney Investment Group. Each of the remaining vacant spaces are about 2,000 square feet, Weitzman said.
The shopping center has undergone renovations in recent years, including improvements to most of the parking lot and better signage for tenants. New monument signs and multi-tenant pylon signs were also introduced at the site.
Additionally, anchor tenant Tom Thumb, which opened alongside the center in 1990, has given its store an interior and exterior makeover. Along with new finishes, it added new departments.
In addition to Tom Thumb, other tenants at the shopping center include Painting with a Twist, Papa John’s Pizza, Anytime Fitness, The UPS Store and a pharmacy.
Weitzman’s Lynn Van Amburgh and Avery Frisbie are heading leasing efforts for the center, and Chandler Walker is the property manager for the site.
Weitzman’s acquisition of Arapaho Village speaks to a larger trend of retail centers getting new life from new owners. Shopping centers across Dallas-Fort Worth have been changing hands recently as developers attempt to give their properties a makeover and transform them into more attractive destinations for tenants and shoppers.
In July, Richardson Heights, anchored by a TJ Maxx and Alamo Drafthouse, was purchased by Oklahoma City-based JAH Realty LP for $40.5 million.