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Tumultuous Industry Pushing This Plano Retailer to Growing its Real Estate Portfolio

At Home Group Has Plans for Future Growth in Dallas-Fort Worth, Texas
April 2, 2018
Home goods retailer At Home Group Inc. (NASDAQ: HOME) has acquired an 11-acre tract near Firewheel Mall in Garland, TX, with plans to develop a new big-box retail store by the end of the year.

This is one of three locations in Dallas-Fort Worth set for construction and completion by the end of the year, with tracts in West Plano and Mansfield following suit.

And this won’t be the end of At Home’s growth strategy, with the Plano-based retailer's real estate broker eyeing land throughout the region for would-be retail meccas for home goods.

"They have eight locations open and operating today in Dallas-Fort Worth, and by the end of the year they will have three more locations," Karla Smith, a senior vice president in CBRE's Dallas office, told CoStar News.

"We are continuing to look for sites and will definitely add sites in Dallas-Fort Worth and in Texas," Smith added.

Smith declined to share additional information about At Home's real estate search, but said At Home continues to seek growth opportunities in the Lone Star state.

At Home acquired the 11.07-acre tract, located at the southeast corner of President George Bush Tpke. and Firewheel Pky. in Garland, for an undisclosed sum. The retailer plans to build a new 108,000-square-foot retail store on the tract with similar plans underway in West Plano and Mansfield.

Smith represented the buyer in the deal. JLL's Michael Meaden and Andrew Wiley, along with CBRE's Rich Flaten, represented the partnership that owned the land tract in Garland in the deal.

At Home's revenues have continued to climb in recent years, and the retailer's real estate portfolio is helping pave the way to financial success during a tumultuous time in the retail industry.

According to At Home's 10-K, the retailer has used its real estate portfolio to help leverage capital for the business, with seven sale-leaseback deals to a diverse group of publicly-traded REITs in the last seven year. In all, the sale-leaseback deals have generated about $251 million in capital.

Meaden, a vice president at JLL's Dallas office, said there's still a demand for regional space and land in North Texas.

"We expect continued retail growth at the intersection and along the President George Bush corridor," he added.

Candace Carlisle, Dallas-Fort Worth Reporter  CoStar Group   
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