Tenth at Jay Street

Price: $4,373,000
Sq. Ft.: 27,755
Cap Rate: 8.15/9.77%
Built: 2002
Gross
VIEW PACKAGE

Marcus & Millichap is pleased to offer the opportunity to acquire a 27,755-square foot, mixed-used center located in McAllen, Texas. Tenth at Jay Street is currently 99 percent occupied, and most leases are gross providing significant upside potential to an investor. The center is comprised of one multi-tenant retail center occupying 77 percent of the gross leasable area and one office building occupying 23 percent of the gross leasable area.  The center is a complementary mix of internet-resistant tenants, consisting of Kokos, Azucar Y Sal, Lean Lifestyles, South Texas Tactical, Foot Solutions, 1.5 Cleaners, Total Imaging, and many office tenants. Constructed in 2002, the buildings are situated on two parcels totaling 3.27 acres.

  • 27,755-Square Foot, Mixed Used Center
  • Comprised of One Multi-Tenant Retail Center Occupying  77% of the Gross Leaseable Area and One Office Building Occupying  23% of the Gross Leaseable Area
  • 99% Occupied | 81% of the Gross Leasable Area has Tenants with  Gross Leases and No Options for Renewal
  • Significant Upside Potential in Converting Leases to Triple-Net with a 9.85%  Pro-Forma Cap Rate
  • Retail Center Tenants are a Complementary Mix of Service-Oriented Businesses
  • Recent Improvements Include New Exterior Facade, Lighting, Air Conditioning Units, and Parking Lot and Roof Maintenance
  • Traffic Counts are 19,800 Vehicles per Day in Front of the Property
  • Near a Major Retail Corridor | Major Retailers Include Lowe’s Home Improvement, Target, Sprouts Farmers Market, H-E-B Grocery, The Home Depot, Office Depot, Kohl’s, Sam’s Club, and Numerous Others
  • Densely Populated Area with More than 238,280 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
  • Additional Multi-Tenant Retail Center for Sale at 1701 Dove Avenue | May be Sold as Part of a Portfolio or Individually | Inquire with Agent for More Information