A location of Sprouts Farmers Market could eventually join the small, growing community of Providence Village in Denton County.
GBT Realty Corp. will build a shopping center on about 10 acres at the northeast corner of U.S. 380 and FM 2931, which it plans to helm with the first Sprouts outpost in the greater Providence Village, Little Elm and Aubrey area.
A partnership led by Suresh Manyam of Squeaky Realty sold the parcel to GBT, a Tennessee-based commercial real estate development company and investor.
Rex Real Estate’s Matthew Kiran represented the seller, while Darrell Hernandez of CBRE worked on behalf of the buyer.
“Most of D-FW has seen robust housing growth over the past several years, with several sectors such as this part of Denton County having experienced exponential residential growth. That growth is what is attracting developers and retailers such as Sprouts to this 380 corridor,” said Kiran. “I believe you will see more major announcements along this part of 380 in the upcoming months.”
The region continues to maintain record retail occupancy, according to Dallas-based commercial real estate firm Weitzman.
The firm has watched the D-FW market for decades, and 2023 marked the first time occupancy for retail properties exceeded 95%. At the end of the second quarter, occupancy sits at 95.2%.
A lack of new retail construction has helped drive up occupancy numbers, leaving stores, restaurants and others fewer and fewer spots to place their concepts as the population continues to grow in North Texas.
Grocery story-anchored construction, like that planned for Providence Village, is leading the way for new construction in 2024, Weitzman reported.
2024 is expected to see the most newly completed retail projects hit the D-FW market with 1.9 million square feet of space since 2018, when the 3.5 million square feet were finished.