RICHARDSON— Arapaho Village, LP, a limited partnership managed by Weitzman, has acquired Arapaho Village, a 101,277-square-foot community retail center anchored by leading grocer Tom Thumb and located at the southwest corner of W. Arapaho Road and West Shore Drive.
The acquisition was led by Stephen R. Schmidt, Weitzman’s Chief Investment Officer. David Disney and Adam Crockett of Disney Investment Group represented the seller.
In addition to its 43,256-square-foot Tom Thumb anchor, Arapaho Village is home to a community-oriented lineup that includes dining, fitness, medical and dental and service tenants including Papa John’s Pizza, Dutch Bros Coffee, WellMed, Anytime Fitness, Painting With a Twist, Subway, Arapaho Pharmacy, Hair Pro, The UPS Store and several others.
Tom Thumb recently invested in a significant upgrade to both the interior and the exterior of the anchor space, adding new finishes as well and new and expanded departments to better serve the Richardson community. The center itself recently received new asphalt parking surfaces as well as new pylon and monument signs, with additional improvements forthcoming.
Arapaho Village is surrounded by highly affluent incomes and dense population. Average household incomes exceed $141,014 within a 1-mile radius with more than 13,100 residents. Within a 3-mile radius of the center, there are more than 134,961 residents with average household incomes exceeding $127,732. Within a 5-mile radius, there are more than 396,786 residents with average household incomes of $120,944.
Weitzman will lease the center under the direction of Lynn Van Amburgh and Avery Frisbie, and Weitzman property manager Chandler Walker will manage the center.
Weitzman is launching an SEO-optimized website and full digital marketing package for the center, as well as social media platforms, as part of its Tech & Mortar initiative to enhance customer information and convenience via the combination of the physical and the digital approaches to retailing.
