Verizon Wireless & Sleep Number

Price: $2,846,400
Sq. Ft.: 5,500
Cap Rate: 7.0%
Built: 2021

The subject property is a fully stabilized, 5,500-square-foot, two-tenant retail center well positioned in a primary retail trade area in Brownsville, Texas. Tenants consist of Verizon Wireless and Sleep Number, both publicly traded companies. Both leases are on triple-net terms and include scheduled rent increases and renewal options.  The building is new 2021 construction with an attractive facade.

The subject property is located in a commercial development along the west side of North Expressway 83, benefitting from extremely high traffic counts exceeding 115,030 vehicles per day. Surrounding pad sites include a multi-tenant retail strip, Olive Garden, Black Bear Diner, and Longhorn Steakhouse. Sunrise Mall is catty corner from the property, featuring more than 100 stores and anchored by Dillard’s, JCPenney, Dick’s Sporting Goods, and Cinemark Theater. Numerous national and regional retailers are in the surrounding area, including Target, TJ Maxx, Burlington, Office Depot, Michaels, PetSmart, Spec’s, Chuck E. Cheese’s, Rudy’s, Chili’s, Johnny Carino’s, Ross Dress for Less, Best Buy, Gold’s Gym, Hobby Lobby, Marshall’s, Kohl’s, Ashley Furniture, Bed Bath & Beyond, Old Navy, Staples, IHOP, and many others. The surrounding area is densely populated with over 157,321 residents within five miles. Additionally, the trade area is supported by approximately 50,000 daytime employees within a five-mile radius.

  • 5,500-Square-Foot, Two-Tenant Retail Center | New 2021 Construction
  • Fully Stabilized Asset | 100% Occupied | All Leases are Triple-Net
  • Strong Tenant Lineup of Publicly Traded Companies | Verizon Wireless (NYSE: VZ) and Sleep Number (NASDAQ: SNBR)
  • Part of a Commercial Development Portfolio | Adjacent Pad Sites Include a Multi-Tenant Retail Strip, Olive Garden, Black Bear Diner, and Longhorn Steakhouse | All Pad Sites are Available for Individual Purchase
  • Prime Location in a Major Retail Trade Area Along North Expressway 83 | Extremely High Traffic Counts Exceeding 115,030 Vehicles per Day
  • Catty Corner from Sunrise Mall | Anchored by Dillard’s, JCPenney, Dick’s Sporting Goods, and Cinemark Theater and Featuring 100+ Stores
  • Major Retail Trade Area Location Including Numerous National and Regional Retailers
  • Densely Populated Area with a Five-Mile Population Exceeding 155,300 Residents | Additional Day Time Workforce of Approximately 50,000 Employees
  • Home to SpaceX, Brownsville’s Largest Private Employer with More Than 1,600 Employees | Estimated Gross Output of $885 Million for the County
  • The Brownsville-Matamoros Region is a Hub for International Trade | Services a Population of Approximately 1,137,000 People
  • Current Seller Took Ownership by Deed in Lieu | Limited Inspection Material Available