Modern City Shops

Price: $3,800,000
Sq. Ft.: 13,000
Cap Rate: 7.68%
Built: 2016
NNN
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Marcus & Millichap is pleased to offer the opportunity to acquire a 13,000-square foot, multi-tenant retail center in McAllen, Texas. Modern City Shops is 100 percent leased, and all leases are triple net. The center is a complementary mix of internet-resistant tenants, consisting of BurgerFi, Texas Federal Wellness Center, Venus MedSpa, and Sooth Dental. Constructed in 2016, the building is situated on a 1.23-acre lot with ample concrete parking.

The subject property is located in the dense retail trade area in the region and adjacent to Interstate 2 (US Expressway 83), with traffic counts exceeding 100,000 vehicles per day. Numerous national and regional tenants are in the area, including Starbucks, Academy Sports & Outdoors, Tilted Kilt Pub, Cracker Barrel, Homewood Suites, SpringHill Suites, Best Buy, McAlister’s Deli, Buffalo Wild Wings, Babies ‘R Us, DSW, Chuck E Cheese’s, Cavender’s Boot City, Cheddar’s Scratch Kitchen, Saltgrass Steak House, Gold’s Gym, Cinemark Tinseltown, Kohl’s, Walmart Supercenter, Target, Office Depot, TJ Maxx, Five Below, H-E-B and many others. Additionally, the subject property is located just minutes from the McAllen Convention Center, the newly constructed Performing Arts Center, McAllen International Airport, South Texas College’s main campus with over 31,000 students and faculty, McAllen Medical Center, and La Plaza Mall. Densely populated, the surrounding area has over 193,281 residents within a five-mile radius of the property.

  • 13,000-Square Foot, Multi-Tenant Retail Center
  • Building is Newer 2016 Construction with a 10-Year Roof Warranty
  • 100% Occupied | All Leases are NNN
  • Complementary Mix of Internet-Resistant Tenants
  • Current Average Rents are Below Market
  • Texas Federal Wellness Recently Completed a Renovation Exceeding $550,000 | Improvements Include the Construction of a Pool and Sauna, Custom Cabinetry, Water-Resistant Suspended Ceiling and Wet Wall, and New Ductwork
  • Freeway Location on US Expressway 83 (Interstate 2) | Traffic Counts in Front of the Property Exceed 106,000 Vehicles per Day
  • Located in Region’s Most Dense Retail Trade Area
  • Densely Populated Area with More than 193,281 Residents Within a Five-Mile Radius
  • Located in the McAllen-Edinburg-Mission MSA | Retail Hub of the Rio Grande Valley
  • Also Part of the Reynosa-McAllen Metropolitan Area, Serving a Population of Roughly 1.5 Million
  • Assumable Financing In Place with a Partial Recourse Guaranty