The long-vacant K-Mart in the San Antonio, Texas suburb of Universal City will soon become a vibrant and welcoming place for shoppers. Velocity Retail Group’s, affiliate Accelerated Development Services, in a joint venture with Fortune International Properties purchased the 11 acre site which included the former K-Mart building. With this venture comes the announcement of new tenants, as well. The property will return to its original roots as it is being redeveloped into a retail center that will include over 118,000 square feet of retail space, including 81,500 square feet for junior anchors, 11,500 square feet of shops and pad sites for restaurants. The site is located at 3150 W. Pat Booker Road, Universal City, TX. Mega Furniture is the first signed tenant in the project with a 28,400 square foot lease. Mega Furniture is expected to open by December of this year which will mark their 7th Texas location.
Bubba’s 33 recently signed a ground lease and will construct an 8,900 square foot building on a prominent 1.65 acre pad at the entrance to the project along 1604. Construction is to begin in January of 2016 with an anticipated opening for this family-friendly, sports restaurant to be in August of 2016. This will be the eighth location for Bubba’s 33 which is currently operating in Waco and Corpus Christi, Texas, Indiana, Colorado and New Mexico.
Dave Cheatham, President at Velocity Retail Group commented, “The ownership group is investing a substantial amount of capital to rebuild the storefronts, create new access points, pad buildings and improve the parking, lighting and signage. The interest level from tenants has been very high and we are looking forward to making additional new tenant announcements soon.” Leasing is being spearheaded by The Retail Connection’s Nick Altomare and Eddie Kopplow, and Phoenix-based Velocity Retail Group.
The Forum retail area is one of the most dynamic shopping hubs in San Antonio. “It is exciting to see the property be transformed into a quality project that compliments the adjacent shopping centers in the area,” said Nick Altomare, Executive Vice President with The Retail Connection. “This is a very tight trade area that offers a great opportunity for additional retailers and restaurants to penetrate this market,” he added.
