Weitzman limited partnership buys Richardson’s Arapaho Village shopping center

A partnership managed by Weitzman, Arapaho Village LP, purchased the shopping center located at the intersection of West Arapaho Road and West Shore Drive in a deal announced Oct. 9.

The overview

The over 101,000-square-foot shopping center is anchored by a Tom Thumb within a 43,256-square-foot building and includes Dutch Bros Coffee, Papa Johns and Subway as other tenants. The acquisition of the center was led by Stephen R. Schmidt, Weitzman’s chief investment officer, while David Disney and Adam Crockett from Disney Investment Group represented the seller, per the news release.

The anchor building with Tom Thumb has received upgrades to the interior and the exterior, according to the news release, while the center recently got a new asphalt parking surface and new monument signage. Ian Pierce, Weitman’s senior vice president of communications, said additional upgrades planned within the shopping center could include lighting upgrades and lifestyle elements, but further improvements have not yet been finalized.

“The purpose of continually upgrading retail centers is to allow them to serve customers in an attractive place they want to shop and visit and to also allow tenants to be more competitive,” Pierce said in an email.

What else?

Weitzman plans to launch a search engine optimized website, a full digital marketing package and social media platforms for the shopping center, which are part of the company’s Tech & Mortar initiative, per the news release.

Lynn Van Amburgh and Avery Frisbie are expected to direct leasing for the center while Weitzman property manager Chandler Walker will oversee Arapaho Village, according to the news release.