Marcus & Millichap is pleased to offer the opportunity to acquire a 36,499 square foot mixed-use property in Dallas, Texas. Originally constructed in 1980, the property comprises a 15,185 multi-tenant retail center and a 21,314 rentable-square foot self-storage facility. The center is 100 percent occupied, anchored by Dollar Tree. Both EZ Pawn and Dollar Tree are long-term tenants with multiple renewal options with rent increases. Buckner Self Storage contains 138 non-climate drive up units and features many of the amenities one would expect to find in a new build, such as personalized key-pad gated entry, on-site manager’s office, garage-style roll up doors, a fortress-style perimeter, and 24-hour video surveillance cameras.
RETAIL INVESTMENT HIGHLIGHTS
- 15,185-Square-Foot, Two-Tenant Retail Building
- 100% Leased to National, Publicly Traded Companies
- 59% of the GLA is Leased to Dollar Tree (NASDAQ: DLTR) on Triple-Net Terms
- 41% of the GLA is Leased to EZ Pawn (NASDAQ: EZPW) on Gross Terms | Long-Term Tenant in Place for Almost 30 Years
- Both Leases Include Multiple Renewal Options with Rent Increases
- Center is Well Positioned to Serve a Densely Populated Area of Southeastern Dallas
STORAGE INVESTMENT HIGHLIGHTS
- 21,314 Total Storage Rentable-Square Feet
- 45.50 Percent Economic Occupancy – Upside Potential
- Opportunity to Increase Storage Revenue Apx. 85 Percent within 18-36 months
- Rental Rates below Submarket Averages
- Pro Forma Returns Approaching 12 Percent
- First Time Storage Owner / Operators – No Website, Marketing Strategy, or Revenue Management Systems in Place
