Mansfield’s Shops at Broad shopping center is now back in the possession of property vendors after its previous owners fell behind on finances.
The 400,000-sq-ft. center opened in 2019, offering easy access to popular retail stores including TJ Maxx, Academy, At Home, and Belk. It is located at the northeast corner of U.S. Highway 287.
The Atlanta-based property company that partnered to build the center fell behind on mortgage payments. In response, Trez Capital, the company that helped finance the development, hired asset managers.
The center has been a hot spot for business. John Hutchinson, vice president of Trez Capital, said, “A lot of the retailers and restaurants that are in here say it’s their best store in the Metroplex,” according to The Dallas Morning News.
The purpose of hiring asset managers, John Weber Jr. and Sam Kartalis, is for them to assist with the repositioning of the property as the area is steadily expanding. Popular grocer H-E-B is planning to build its first store in North Texas across the street. “We are talking to a couple of grocery stores,” Kartalis told The Dallas Morning News. “A lot of people have been on the sidelines waiting to see what happened to the property.”
Younger Partners is the property manager of the center and CBRE Group is over leasing. Hutchinson noted that there are open retail buildings available for new businesses in the center. “Our goal is to enhance the value, bring in more high-quality tenants, and eventually sell it,” Hutchinson said.
The shopping center is just a portion of the more than 80-acre development. Also included is a FieldhouseUSA indoor basketball and volleyball complex; a Dr. Pepper Star Center hockey arena, which is where Mansfield High School’s hockey team practices; and 330 apartments.
Trez Capital’s goal is to increase business at the center. “The city wanted this to be a project where people come and spend time,” said Hutchinson.