9-18-2015: Two Premier Tenants Join Gateway Plaza
Cost Plus World Market and buybuyBABY Join Southlake’s Prestigious Gateway Plaza
The Retail Connection [TRC] announced today that it has secured two high profile tenants, buybuyBABY and Cost Plus World Market, for Southlake’s Gateway Plaza, located at East Highway 114 and East Southlake Blvd. in Southlake, Texas. TRC backfilled two high impact anchor positions that will be critical to continuing and further broadening the success of one of the most productive centers in the region. The center is owned by RPAI.
The high profile project is located in the affluent Southlake area, which was recently ranked by CNBC as one of the top 5 best cities in the country to relocate. Southlake boasts one of the state’s best public school systems and is one of Texas’ most sought after cities by high income families. The area surrounding Gateway Plaza has an average household income almost triple that of the rest of the country. The 364,813 square foot center is very unique due to its exceptional visibility from Southlake Blvd. to the south of the center and State Highway 114 to the North. This configuration presents an extraordinary opportunity for retailers serving the tight Southlake Market.
Cost Plus World Market will add an 18,300 square foot store and buybuyBABY will add a 23,428 square foot store. The two leases will further reinforce the tenant mix on the 114 frontage of Gateway Plaza, which already boasts national brands including Bank of America, Bed Bath & Beyond, Men’s Wearhouse, Chipotle, Kohl’s, Pearl Vision, Old Navy, ULTA, Zales, Gymboree, Famous Footwear, T.J.Maxx, and Justice. The opportunity will enable Bed Bath & Beyond, Inc. [BBBY] to leverage their existing location by adding their Cost Plus World Market and buybuyBABY stores to the center.
In addition to the two new leases, BBBY extended the term of its Bed Bath & Beyond store as well. The Retail Connection [TRC] served as the intermediary for the transactions representing both RPAI and the BBBY, the largest clients of TRC’s respective project leasing and tenant representation teams. TRC is nearing the 200th lease of their relationship with Bed Bath and have transacted over 50 deals with RPAI. This transaction became the cornerstone for a 7-store package of high impact deals negotiated between the companies.
Key players on the transaction include Peter Russell, Director of Real Estate for Bed Bath & Beyond; Steve Lieberman, CEO for The Retail Connection; and David Fazio, SVP for The Retail Connection on the tenant team. The landlord team was comprised of Jason Kasal, SVP Leasing for RPAI; Bonnie Threadgill, Leasing Director for RPAI; David Levinson, SVP and Jack Weir, SVP both for The Retail Connection.