1-24-2012: 46,000 SF to be Added to Weatherford Ridge Development

Connected Development Services, the development subsidiary of The Retail Connection, is announcing the addition of 46,000 square feet of new retail development to Weatherford Ridge, located at the Northeast corner of IH 20 and Main Street in Weatherford, Texas. The project is a joint venture between North American Development Group and Connected Development Services the development subsidiary of The Retail Connection, LP.

The shopping center’s final phase will initially deliver the area’s first TJMaxx, a 24,000 square foot store and four additional national and regional retailers. Only 5,000 square feet remains to be leased at this time.

The existing JCPenney and Belk anchored center is the soft goods destination for Parker County, serving the Weatherford market and communities to its West. Originally developed and opened in 2008, the center is presently 300,000 square feet and is 91% leased to a mix of national and regional credit retailers such as Bed Bath & Beyond, Michael’s and Ulta, in addition to more than ten restaurants.

“The center benefits from its wide market reach, I-20 frontage, prime location on the NE corner of I-20 and Main Street, and the recently completed relocation of the I-20 exit ramps to Main Street,” said Chad Bradshaw, Vice President of Connected Development Services, and the project’s development partner. “Upon completion, only 5,000 square feet will be available in the to-be-built final phase. In addition, there are a limited number of remaining in-line spaces, a 15,000 square foot box and only four pad sites remaining for sale, lease or build to suit, in the center,” stated Bradshaw.

The construction loan and refinance totaled $28.1MM. Wells Fargo NA is the lender. Ridgemont Commercial Construction will be the general contractor.

Jeremy Zidell, SVP | Brokerage with The Retail Connection, leases the property and NADG manages the property on behalf of the partnership. “Weatherford Ridge is strategically positioned approximately 20 miles west of Fort Worth and enjoys highly regional access catering to a large and growing trade area, said Zidell. “The intersection of I-20 and Main acts as the retail hub in the market, and as a result has been attractive to soft goods and restaurant tenants who are looking to expand into these types of trade areas that have significant populations and fringe major cities,” he further stated.