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NMLS ID # NMLS # 228246

William Rapp, based in Houston, TX, US, is currently a Capital Advisor at Medallion Funds, bringing experience from previous roles at eXp Commercial, NEXA Mortgage, Viking Enterprise LLC and Sun Realty - Houston. William Rapp holds a 1997 - 2001 BBA in Finance @ Texas A&M University. With a robust skill set that includes REO, Sellers, SFR, FHA financing, Reverse Mortgages and more, William Rapp contributes valuable insights to the industry.

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What Conn’s Exit Means for Texas Retail 🏬🔍

Conn’s Closure: Big Impact on Texas Spaces 📉🏢

August 23, 20243 min read

Conn’s Closure: Big Impact on Texas Spaces 📉🏢

What Conn’s Exit Means for Texas Retail 🏬🔍

If you’ve been keeping an eye on the retail scene in Texas, you might have heard about the recent buzz surrounding Conn’s HomePlus stores. The well-known retailer, headquartered in The Woodlands, has decided to close all 174 of its stores, along with around 380 Badcock Home Furniture stores, following a bankruptcy filing in July. This move leaves behind a significant footprint—nearly 4 million square feet of industrial space across the state. 😲

But what does this mean for Texas? 🇨🇱

First off, it’s important to note that Conn’s isn’t just saying goodbye to its retail outlets. The company has also announced layoffs, impacting 267 workers across locations in The Woodlands, San Antonio, Beaumont, and Grand Prairie. This includes both call centers and industrial facilities, signaling a broader impact beyond just empty storefronts. 💼

What makes this situation unique is that, unlike other nationwide closures—like those of Red Lobster and Buca di Beppo—Texas will feel the sting a bit more with Conn’s. Typically, underperforming locations are scattered across regions where population growth and demographics don’t favor retail success. However, this time, Texas, with its generally strong market, is taking a bigger hit. 📉

Conn’s currently operates 83 locations across Texas, including a significant presence in industrial and office spaces. For instance, their largest property, located at 1401 Rankin Road in Houston, houses a clearance center, distribution center, and corporate office, all within a 657,000-square-foot space. Another prime spot is a 443,000-square-foot Class-A industrial facility in Grand Prairie, which is less than two years old. 🏢

The closure of these locations might seem like a gloomy forecast, but it’s not all bad news. Texas has enjoyed a robust industrial demand, outpacing the rest of the country. Even in the retail sector, vacancy rates are low—just 2.6% nationally in the first quarter, with Texas being a strong player in that mix. Retail construction has slowed down, and where it’s happening, about 75% of the space is preleased. This means there’s still demand, and Conn’s departure could open doors for new tenants, possibly even leading to higher rents in some areas. 📊💸

However, there’s a catch. Conn’s stores range from about 5,000 to 77,000 square feet, which is larger than what most retail users are looking for. While these spaces could be divided for multiple tenants, the sudden exit of a large anchor store like Conn’s could have a ripple effect, potentially causing smaller tenants to follow suit. ⚠️

So, is this a red flag for Texas retail? Not quite. It’s more of a yellow flag, a reminder to stay vigilant as we navigate these changes. The fundamentals of the market are still strong, especially in Texas and the broader Sun Belt region. But with so many closures happening across the country, it’s worth keeping an eye on how this shakes out. 🔍

In the end, Conn’s closure is a significant event, but it’s not a death knell for Texas retail or industrial markets. Instead, it’s an opportunity for landlords and new tenants to step in and reshape these spaces for the future. 🌟

#TexasRealEstate #RetailClosures #ConnsBankruptcy #IndustrialSpace #CommercialRealEstate #TexasEconomy #RetailMarketUpdate #HoustonRealEstate #DallasRealEstate #SanAntonioRealEstate #RetailSpaceForLease #RealEstateInvesting #SunBeltGrowth

I’m an experienced Commercial Real Estate Mortgage Broker, please feel free to reach me at 281-222-0433.

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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory

Conn’s ClosuresTexas REtailIndustrial SpaceConn’s HomePlusBadcock Home Furniture Houston Real EstateRetail MarketRetail ConstructionVacancy RatesWorker Adjustment and Retraining Notification Act (WARN)Commercial Real Estate
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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply

Corporate | NMLS ID NMLS # 1825831

Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/