Marcus & Millichap is pleased to present the opportunity to acquire a 30,748-square foot, multi-tenant retail center in Cedar Park, Texas. The complementary internet-resistant tenant base is a mix of national and local credit tenants including The Hertz Corporation, The Mat Martial Arts, Satis Hair Salon & Spa, World Finance Loans & Taxes, Metro PCS, Artisan Vapor, Poke & Bowl, Sweet Nails & Spa, Amazing I-Brow & Beauty Salon, Ecuadorian Chocolate, Los Reyes Mexican Restaurant, Hunan Chef, Sistah Sistah Beauty Supply, Sugar Shaker Bakery, LendNation, Regina Yunusov DDS, Tea Pillar, and iMassage. Bell Boulevard Town Center is currently 100 percent occupied, and 92 percent of the gross leasable area has triple-net leases. The subject property was constructed in 1988, renovated in 2018, and is situated on a 2.645-acre parcel.
The subject property is located on North Bell Boulevard near the signalized intersection of North Bell Boulevard and West Park Drive. Traffic counts exceed 37,800 vehicles per day in front of the property. The center benefits from multiple ingress and egress points. Bell Boulevard Town Center is near many national and regional retailers including Walmart, H-E-B Grocery, Big Lots!, The UPS Store, Costco, At Home, Academy, Hobby Lobby, Target, Cinemark, Dollar Tree, PetSmart, Wendy’s, Taco Bell, Papa John’s Pizza, and many more. The surrounding area has strong demographics, with a five-mile average household income of approximately $119,723 and the five-mile population exceeding 190,609 residents.
- 30,748-Square Foot, Multi-Tenant Neighborhood Shopping Center
- 100% Occupied | 92% of the Gross Leasable Area has Triple-Net Leases
- Majority of the Tenants have Scheduled Annual Rent Escalations During Their Primary Terms
- Complementary Mix of Credit and Local Tenants that are Internet Resistant
- Situated on a 2.6-Acre Lot with Ample Parking
- Recent Property Improvements Include New Roof Coating with a 20-Year Warranty Completed in 2018, Facade Renovation, New Pylon Sign, and Parking Lot Upgrades Including the Addition of 28 Parking Spaces
- Located on North Bell Boulevard (U.S. Highway 183) Near the Signalized Intersection with Park Street | Traffic Counts are Approximately 37,800 Vehicles Per Day in Front of the Property
- Close Proximity to The Bell District, Located in the Southwest Quadrant of Bell Boulevard and Park Street | Approved 50-Acre Mixed-Use Community Development Set to Include Greenspace, Restaurants, Retail, Public Library, Housing, and More | Currently Under Construction and Scheduled to be Completed in 2030
- Surrounding Area has Excellent Demographics | The Average Household Income Within Five Miles is $115,000 and the Population Exceeds 185,950 Within a Five-Mile Radius
- Attractive Assumable Financing In Place | Interest Rate is 4.8% | Loan is Prepayable as of March 2022 with a 2% Prepayment Penalty | Refinance Option as of March 2022 Allowing Investor to Pull Out Attractive Equity Portion, Further Increasing Investor’s Return