Marcus & Millichap is pleased to present the opportunity to acquire a stabilized 23,943-square foot, multi-tenant retail center in Abilene, Texas. The center is 100 percent occupied with a complementary mix of internet-resistant tenants, including KC Cleaners and Laundry, Polished Nails and Pedi Spa, Sanders Insurance Agency, Nikos Greek Gyros, Lodovik Tetaj, JoJo’s Boutique, Claude’s Barber Shop, La Popular Burrito Stop, Stogies Vapor Store, Life of Pie Bistro and Boutique, Little Panda, and H&H Beverage. Additional income is derived from a lease with Reagan National Advertising. Seventy-two percent of the gross leasable area has modified gross leases, with the tenants paying fixed amounts for common area maintenance, taxes, and insurance, allowing for future upside potential in converting the leases to triple-net. Originally constructed in 1986, the building is situated on 2.4 acres.
The subject property is located at the signalized, hard corner of Rebecca Lane and Ridgemont Drive in a dense retail trade area south of Highway 84, one of the city’s major thoroughfares. Oak Park Shopping Center is just south of the Mall of Abilene, a regional shopping mall that is anchored by Dillard’s, JCPenney, Best Buy, Premiere Lux Cine10 Theater, and Books-A-Million. Other national and regional tenants in the area include Chase Bank, CVS, Market Street Grocery, Hilton Garden Inn, Popeyes, Courtyard Marriott, MCM Elegante Suites, Lowe’s Home Improvement, Chili’s Grill and Bar, Pizza Hut, Target, Goodwill, IHOP, Sonic Drive-In, Academy Sports and Outdoors, Bealls, TJ Maxx, Ross Dress for Less, PetSmart, Michaels, Bed Bath & Beyond, Office Max, JoAnn Fabrics, Big Lots, Dollar Tree, Walmart, The Home Depot, and many others. The surrounding area is densely populated, with more than 91,000 residents within five miles and an average household income exceeding $61,620.
The city of Abilene is located approximately 180 miles due west of the Dallas/Fort Worth Metroplex, near the geographic center of the state. Situated adjacent to Interstate 20, the city is the center of a 22-county trade area referred to as the Big Country. Abilene is home to seven colleges, three of which are religiously affiliated. Dyess Air Force Base is located seven miles southwest of Abilene, employing more than 5,000 people and making it the single largest employer in the area.
- 100% Occupied, Multi-Tenant Retail Center
- Complementary Mix of Internet-Resistant Tenants
- 72% of the Gross Leasable Area has Modified Gross Leases | Tenants Pay Fixed Amounts for Expense Reimbursements
- Additional Income from Lease with Reagan National Advertising
- Situated on a 2.4-Acre Lot with Multiple Ingress and Egress Points
- Signalized, Hard Corner Location | Traffic Counts are 15,330 Vehicles per Day
- Near the City’s Busiest Intersection at Highway 84 and Buffalo Gap Road | 33,000 Vehicles per Day
- Dense Retail Trade Area | Just South of the Mall of Abilene | Anchored by Dillard’s, JCPenney, Best Buy, Premier Lux Cine10 Theater, and Books-A-Million
- 91,000 Residents Within Five Miles of the Property | Average Household Income Exceeds $61,620
- Abilene is a Regional Hub for a 22-County Trade Area | Known as the “Big Country”
- Home to Dyess Air Forces, which is the City’s Largest Employer with more than 5,000 Employees