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Meow Wolf Grapevine opened in 2023. (Courtesy photo | Meow Wolf)
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As the retail market — particularly in Dallas-Fort Worth — continues to show strength, JLL has added a new leader in that space in North Texas. 

Longtime retail services veteran Michael Wheat has joined the commercial real estate broker as managing director of its North Texas retail group. Prior to joining JLL, Wheat served as the managing director, overseeing leasing for the portfolio of the U.S. at Cypress Equities, where he managed leasing and asset management efforts for a portfolio of about 10.5 million square feet. 

A recent JLL report on the retail market cited Sun Belt cities, in particular Dallas-Fort Worth, as leading the nation in retail growth. That is one big reason Wheat said he was eager to get involved in the market. 

“Let’s face it, we all enjoy, and have enjoyed for many years, one of the best markets in the entire country,” he said. “We’ve got a nice long path ahead of us. It’s not slowing down.” 

Wheat said entertainment, food and beverage, and experiential concepts seem the strongest at the moment. He said new concepts will continue to come to the area as the population increases and more companies move headquarters and divisions to the area. After several years of declines, Wheat is also seeing more brick-and-mortar retail concepts finding success. 

“The one sort of positive item that came out of COVID is that people missed interacting,” he said. “I think a lot of what we’re seeing with these newer projects, whether it’s a mixed-use project, or just a new retail center is that food and beverage component, along with the right type entertainment or experiential component.” 

That’s not to say new technologies won’t play a part in retail in the area. JLL notes that Walmart is expanding its drone deliveries in the Dallas-Fort Worth area to 75% of the region’s population by the end of the year. 

Grocery-anchored centers remain the highest-demand part of the retail market. In 2023, more than 20% of total retail transaction volume was from grocery-anchored centers. 

“It makes sense, in a growing population area like this, that grocery will remain strong,” Wheat said. 

Wheat said some of the retail concepts he sees coming to the area are national, but that there are plenty of local, boutique-type retail offerings in the pipeline as well. 

“These retailers both from a local and national standpoint are wanting to be at a certain destination,” he said. “They’re saying, ‘This is where I want to be.’ They want to be part of something. It’s exciting.” 

While interest rates remain high, Wheat said the Dallas-Fort Worth area firms seem to make it work. 

“In markets like this, people have figured out how to make the economics work,” he said. “At the end of the day, if the demand is here, and if you can pencil it out financially, then there’s going to continue to be opportunities.” 

Home prices hold steady 

March wasn’t exactly idle, but home prices stayed the course in March in Fort Worth, according to data from Texas Real Estate Research Center at Texas A&M University. The median home price in Fort Worth was $329,995, a 0.3% increase from March 2023.

Inventory continued to climb as sellers who have been waiting for the right moment to list their homes started to make some moves. Fort Worth inventory in March was 2.7 months and Tarrant County was 2.6 months. Though the movement is in the right direction, the need for available homes continues. 

“Now that mortgage rates have stabilized, the spring buyers and sellers have started to enter the market,” said Blake Barry, 2024 president of the Greater Fort Worth Association of Realtors and a Realtor at Williams Trew. “Having a financing plan in place and a Realtor you can trust will be essential to moving quickly when the right home hits the market.”

There were 944 homes sold in Fort Worth in March, 7.7% less than in March 2023.

Residential real estate buyers and sellers have been watching the market closely since the news from the National Association of Realtors regarding their proposed settlement agreement. As no changes are set to go into effect until July, buyers and sellers should expect business as usual in the short term, according to the Greater Fort Worth Association of Realtors. 

“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” said National Association of Realtors chief economist Lawrence Yun. “Ongoing job gains are clearly increasing demand along with more inventory.”

Real estate deals 

Spire Realty Group selected corporate real estate advisory firm Citadel Partners to lead the leasing efforts of One City Place and Two City Place. 

Citadel Partners market leader Cullen Donohue and market principal Andy Goldston will manage the leasing efforts for the Class A office project.

The 19-story, Class A twin towers have 531,468 square feet of office space. 

City Place was originally built as the headquarters for Tandy Corp. and RadioShack. Between the two office towers, Tandy built an upscale retail shopping center with an indoor ice rink and a subway system to transport customers to and from their vehicles. One of the subway cars is housed in the building. Spire Realty purchased the project in 2011. 

Windhaven Investments Inc. acquired a 9.98-acre infill parcel at 3300 FM 157 in Euless, Texas, near Dallas Fort Worth International Airport. Younger Partners executive managing director John St. Clair and associate Luke Nolan brokered the deal between the buyer and seller, ClubWise Finance. The sale price was not disclosed.

Zoned light industrial, the acreage fronts Euless’ major north/south FM 157 route. The land’s proximity to DFW Airport and access to Texas Highways 10 and 183 generated potential buyer interest but “Windhaven had the confidence in the tract to close it,” St. Clair said.

The current buyer plans to hold the land for investment, potentially repositioning it for future sale or attracting developers.

Multifamily train design

Burleson has a long history with the railroad, so it makes sense that a new apartment complex reflects the city’s past. 

Merriman Anderson Architects has completed a multifamily project in Burleson called the Depot on Main which is two five-story apartment buildings totaling 275 units. The firm provided architecture, interior design and other services.

Merriman Anderson Architects used a modern industrial design style with black finishes, and materials such as wood, dark metal and steel along with brick featured throughout the space. Linear lights replicating train lights, a train depot station wall covering and other nods to the Old Town district of Burleson were also incorporated in the public areas through artwork and accessories.

Realty Capital Residential is the developer, and Muckleroy & Falls was the contractor for the project.

Do you have something for the Bob on Business column? Email Bob Francis at bob.francis@fortworthreport.org. 

Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.