Cuthbert Plaza

Price: $6,715,000
Sq. Ft.: 117,642
Cap Rate: 8.25%
Built: 1967

Marcus & Millichap is pleased to offer the opportunity to acquire a 117,642-square foot multi-tenant retail center in Midland, Texas.  The center is currently 85 percent occupied with all credit tenants.  Anchored by Bob Mills Furniture, other tenants include EntertainMART and Dollar General.  All leases are triple net and have two, five-year options for renewal.  Upside potential exists by leasing up the vacant suite.  The building was originally constructed in 1967 and sits on 6.77 acres.

The subject property is located on West Cuthbert Avenue one lot west of the intersection with Andrews Highway.  Traffic counts on Cuthbert Avenue are approximately 8,500 vehicles per day and 31,000 vehicles per day on Andrews Highway.  Neighboring national and regional retailers include Rosa’s Café, Furr’s Fresh Buffet, Planet Fitness, O’Reilly Auto Parts, Kool Smiles, Little Caesars, Dollar Tree, Liberty Tax, Comet Cleaners, McDonald’s, Schlotzsky’s Deli, Albertsons, Ace Hardware, Family Dollar, Whataburger, Wendy’s, Long John Silvers, among others.  The surrounding area has strong demographics, with a five mile population of 127,700 and an average household income exceeding $87,500.

Midland, Texas is a city in West Texas, conveniently located on Interstate 20, halfway between Fort Worth and El Paso. Easily accessible, it boasts Midland International Air & Space Port, serviced daily by American, Southwest, and United Airlines and is the closest airport to Big Bend National Park.  Midland is a thriving community in the heart of the Permian Basin oil region, which is the second largest oil and gas shale in the world.  With an unemployment rate of 2.6 percent, the city is tied with Amarillo for the state’s lowest unemployment rate.