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7-Eleven May Leave Downtown Dallas

DePinto 7-11

The headquarters of the convenience store company moved to the downtown Dallas Arts District in 2007, but they may be relocating again to the suburbs before their current 15-year lease with One Arts Plaza has expired. The great Christine Perez at D Real Estate Daily has the scoop:

According to local real estate sources, the global retailer is in closely guarded talks to relocate to another Billingsley project, Cypress Waters, a 1,000-acre development that surrounds North Lake, near the northeast intersection of Interstate 635 and Belt Line Road.

Most of Cypress Waters lies within an island of land that was annexed by the City of Dallas in the 1950s for a power plant. It’s bounded by Coppell to the north and west, and by Irving to the south and east. Sources say that 7-Eleven is eyeing a build-to-suit site along LBJ Freeway, south of Hackberry Road/Ranch Trail Drive, on a strip of land that lies within Irving. The property previously was marketed for retail use.

7-Eleven, which was acquired by Seven-Eleven Japan Co. Ltd. of Tokyo in late 2005 but maintains its headquarters in Dallas as a wholly owned subsidiary, has been on an expansion kick. Last year it announced record store growth, achieved through acquisitions, business conversions, and organic growth.

13 comments on “7-Eleven May Leave Downtown Dallas

  1. How does that make sense for Billingsley? Do they have someone lined up for One Arts Plaza?

  2. I doubt they have a bold-faced company lined up for that space. All the commercial real estate folks are finally admitting that downtown is mostly B- and C-Class real estate, and it will never attract and retain major corporations. The loss of 7-11 is a big blow to downtown.

  3. “All the commercial real estate folks”….”never attract and retain major corporations”? Is that a bit of a generalization/stretch?

    Or am I not defining “major corporations” correctly?

  4. Both the DMN and DBJ published articles in recent months talking about the B&C-class real estate and the unusually high vacancy rate. Those article(s) also mentioned that the office space was more likely to be filled by back office operations, not HQs.

    So, no, it’s not a stretch and, yes, you are not defining major corporations correctly. Didn’t Mayor Rawling promise to spend 30% of his time attracting HQs to downtown? How’s that going?

  5. Because of it’s “island” status, believe North Lake is also home to an old gas drilling lease that would be 1500 feet away from Dallas residents and schools, but not necessarily those in Irving or Coppell.

  6. Indeed, while the central Dallas area today is growing all over the place more like a suburb, downtown Dallas has become more like an office park. And the office market of downtown Dallas continues to shrink while the residential market there continues to grow; but, and here is the kicker, its residential market continues to expand with people who can’t quite afford to live in Uptown.
    The opening of the new terminal in Love Field will be the game changer.

  7. Cypress Waters is just lead-in to Las Colinas and more specifically to its urban center regardless of what city it is based. And consider how it has come ready made with a lake which is going to shrink in size to increase development?
    If there hadn’t been the three cities of Dallas, Irving, and Coppell involved in this development, then it wouldn’t have ever happened in a million years.

  8. Game changer? Total real estate BS. We have sunk too much taxpayer money into the albatross known as downtown. We are a city of neighborhoods, not a single neighborhood.

  9. One hopes we didn’t give them tax incentives back in 2007 — and if we did, that there is a move to get them back.