A retail strip center in Richardson, a suburb of Dallas, has changed ownership as investment interest remains strong in the area. Bridgeway Properties, based in San Francisco, acquired Campbell Junction, a 43,000-square-foot property located at 2000-2010 North Plano Road. The deal was announced by Marcus & Millichap, which handled the listing. The previous owner was Xiaogang Fan, a real estate agent from Richardson. Financial details of the transaction were not made public.
Campbell Junction consists of three buildings with 19 suites on a 4.4-acre site and includes an additional 0.7-acre pad that could be developed further. The center is fully leased and counts Subway and My Eye Doctor among its tenants. It is situated approximately 17 miles northeast of downtown Dallas.
According to Philip Levy of Marcus & Millichap, who marketed the property, it “may be a candidate for partial redevelopment or mixed-use conversion.”
After the Great Financial Crisis discouraged new retail development due to fears about the sector’s future viability, retail real estate has shown resilience—particularly in fast-growing markets like Dallas-Fort Worth—driven by limited supply and high rents as people return to in-person shopping experiences.
In Dallas-Fort Worth specifically, average retail rents have increased over the past year from $19.78 per square foot to $20.28 per square foot according to Partners Real Estate data (https://partnersrealestate.com/market-research/q3-2023-dallas-fort-worth-retail-market-report/). Vacancy rates remain steady at around 4.8 percent.
The region’s stable market conditions have allowed it to absorb closures of major retailers such as Party City and Tuesday Morning; vacant spaces are quickly taken up by experiential businesses including fitness centers and pickleball facilities.
Barnes & Noble has also experienced renewed success with expanded locations in suburban Houston and other areas.
“Warnings of the death of retail after the Great Financial Crisis scared developers away from building new retail properties over the last decade. But e-commerce didn’t kill retail as everyone expected, and the pandemic left people craving in-person experiences,” stated Marcus & Millichap’s release.
