November 12, 2007

WEITZMAN, CENCOR TO LEASE, MANAGE LAKE WORTH MARKET PLACE

 LAKE WORTH—The Commercial Retail Division of The Weitzman Group has been named exclusive leasing agent for Lake Worth Market Place, the most prominent regional power center in the growing Lake Worth trade area. Weitzman’s sister company, property management firm Cencor Realty Services, has been selected to manage the center.

Weitzman’s Christopher Walker is  responsible for leasing. Cencor’s Zoe Lopez will manage the center.

Lake Worth Market Place, located at 6034 Azle Avenue at its intersection with Loop 820 in Lake Worth, features 187,472 square feet of Class A retail space. The center opened in 2005 and is anchored by a 90,000-square-foot Kohl’s department store. The most recent major retailers to open in the center include Bed Bath & Beyond, which opened a 23,000-square-foot store in early 2007; Kirkland’s Home, which opened this year with a 6,500-square-foot store; and Marshalls, which opened a 28,000-square-foot store in March of this year.

Other retailers at Lake Worth Market Place include Lane Bryant, Cacique, rue21, Avenue, Sleep Experts, Rack Room Shoes, Bath & Body Works and more.

Lake Worth Market Place benefits from its visibility from Loop 820 and Azle Avenue, the major thoroughfares in the trade area. More than 83,000 vehicles a day travel in front of the center.

The trade area for Lake Worth Market Place reports strong growth and good incomes. Within a three-mile radius of the center, the population totals 44,181 people. Within four years, that total is expected to increase to 49,453.

Within a five-mile radius of the center, the population totals 129,166.  Within four years, that total is expected to increase to 140,870.

The trade area also reports good incomes. Within a five-mile radius, the average household income is $54,217.

Lake Worth Market Place also benefits from its location in the heart of the trade area’s most active commercial district. This central location features strong daytime populations, which translate into daytime traffic for retailers and restaurants. Within a five-mile radius of the center, there are 4,177 businesses with 52,263 employees.

Lake Worth Market Place is a property of Principal Real Estate Investors, the real estate investment arm of Principal Global Investors.

Lake Worth Market Place is one of several recent major leasing and management assignments for The Weitzman Group and Cencor Realty Services.  As a result, Weitzman now leases more than 20.2 million square feet of retail space in Dallas/Fort Worth and more than 40.0 million square feet statewide. Weitzman now leases one of the largest non-mall portfolios in the United States. 

The Weitzman Group, one of the largest regional commercial real estate firms in Texas, operates offices in Dallas/Fort Worth, Austin, Houston and San Antonio. Weitzman also operates with divisions handling tenant representation, as well as office, industrial, investment properties, disposition properties and land. 

Cencor Realty Services is one of the largest retail property and asset management and development services firms based in Texas.  Prestonwood Place is one of more than a dozen recent property management assignments for Cencor in the Dallas/Fort Worth area. As a result, Cencor now manages more than 13.5 million square feet of retail space in the Metroplex, one of the largest managed portfolios in Texas. Statewide, Cencor manages more than 20.5 million square feet of retail space.

Cencor Realty Services ranks as one of the 50-largest retail real estate management firm in the United States. Cencor offers property management, asset management and development services throughout the major Texas markets of Austin, Dallas/Fort Worth, Houston and San Antonio

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