The subject property is a 49,214-square foot, multi-tenant retail center in Cedar Park, Texas. The Depot is comprised of three buildings situated on a large 3.4-acre lot with ample paved parking. Fully stabilized at 100 percent occupancy and triple-net leases, the center has a complimentary mix of credit and local tenants. Tenants consist of Wild West entertainment venue, Flex Fit gym, Austin Floor Store, Cedar Park Star Buffet, Castle Dental, Austin Steam Train, Kapsner Chiropractic, Lucy’s Fried Chicken, T-Mobile, Double Dave’s Pizza, Allstate, and Drip N Rip Vapes. The property is a long-term leasehold interest with the City of Cedar Park with zero rent payments, and 100 percent of the purchase price is tax-depreciable. More than 83 years remain on the ground lease.
The Depot is located on East Whitestone Boulevard just west of Highway 183, with traffic counts of approximately 36,300 vehicles per day in front of the property. The property is in a dense retail trade area, with national and regional tenants including H-E-B Grocery, Walmart Supercenter, Costco, BJ’s Restaurant and Brewhouse, In-N-Out Burger, Chipotle, LA Quinta Inn & Suites, IHOP, United States Postal Service, Best Western, Big Lots, Aaron’s, AutoZone, Bank of America, Taco Cabana, Chase Bank, GameStop, Sally Beauty Supply, Walgreens, Harbor Freight Tools, and many others. The surrounding area also benefits from excellent demographics, with an average household income of $112,430 and a population exceeding 175,000 residents within five miles.
Cedar Park is situated on the northern border of Austin, just 17 miles from downtown. With a city population of about 76,800 residents, Cedar Park has twice been ranked Fourth Fastest-Growing City in the Country in recent years. Cedar Park boasts an energetic and diverse mix of businesses in the software, biotech, advanced manufacturing and oil exploration industries.
- Fully Stabilized 49,214-Square Foot, Multi-Tenant Retail Center
- Long-term Leasehold Interest with the City of Cedar Park | 83 Years Remaining on the Term and Zero Ground Lease Rent Payments
- 100% of the Purchase Price is Tax-Depreciable
- 100% Occupied | 100% of the Leases are Triple-Net
- Complementary Mix of Credit and Local Tenants
- Home to the Hill Country Flyer and Bertram Flyer Steam Trains, Offering Riders a Historical Journey through the Austin Hill Country Almost Every Weekend of the Year
- Austin Steam Trains Recently Exercised a Five-Year Lease Extension with Annual Rent Increases
- 52% of the Gross Leasable Area has Rent Bumps Remaining
- Current Rents are Well-Below Average Market Rates, Providing Further Upside Potential
- Comprised of Three Buildings with Attractive Architectural Details
- Situated on a Large 3.4-Acre Lot with Paved Parking
- Located in the Heart of Cedar Park on East Whitestone Boulevard | Major East-West Thoroughfare | Traffic Counts Exceed 36,000 Vehicles per Day
- Dense Retail Trade Area | Near H-E-B Grocery, Walmart Supercenter, Costco, and Numerous other National and Regional Retailers
- Surrounding Area has Excellent Demographics | $112,430 Average Household Income and Population of 175,000 Residents within Five Miles
- Cedar Park is a Rapidly Growing Austin Suburb | 17 Miles from Downtown Austin