Prime Retail Buys Land for $100M Dallas Shopping Center
- Aug 21, 2008
Prime Retail has just wrapped up the acquisition of 64 acres of land in suburban Dallas that will become home to Prime Outlets-Grand Prairie. The new 485,000-square-foot shopping center carries a development price tag of approximately $100 million. The new retail property, located in Grand Prairie 12 miles west of Downtown Dallas and 15 miles east of Fort Worth, sits at the intersection of I-20 and State Highway 360 within five minutes of Dallas/Fort Worth International Airport. Designed by Dalpos Architects, the open-air center will feature approximately 120 upscale outlet stores, a food court and restaurants, as well as parking to accommodate 2,700 vehicles. Major outlet retailers have already staked a claim at the property; Saks Fifth Avenue OFF 5TH and Neiman Marcus Last Call pre-leased 28,000 square feet and 22,000 square feet, respectively, in May. The developer anticipates that the premier retail property will serve as a magnet for Grand Prairie’s increasing tourist population, which currently totals approximately 6 million visitors every year. Additionally, the U.S. Census ranks Grand Prairie as the sixth fastest growing city among the country’s cities with populations of 100,000 or more. “Grand Prairie is a wonderful market for the upscale and luxury outlet shopper,” Nicholas King, COO of Prime Retail, told CPN. “When construction is complete, Prime Outlets-Grand Prairie will offer a most compelling mix of world-renown designer and name brands at everyday savings of 25 to 65 percent off retail prices.” Construction of Prime Outlets-Grand Prairie is on schedule to begin this fall with a target delivery date to accommodate the 2009 holiday shopping season. Baltimore-headquartered Prime Retail, the parent company of Prime Outlets, is one of the largest retail center owners in the United States, with approximately 15 million square feet in major markets across the country and in Puerto Rico. The company plans to increase its portfolio by 2 million square feet over the next several years.