Clear Sky Retail Center

Price: $1,905,000
Sq. Ft.: 9,717
Cap Rate: 7.50%
Built: 2003
Absolute Net

The subject property is a 9,717 square foot multi-tenant retail center in Corpus Christi, Texas. The center is 100 percent occupied, and all leases are triple-net. Eighty-five percent of the gross leasable area has national credit tenants, including GameStop, CATO, Ace Cash Express, and Sally Beauty Supply. The building was constructed in 2003 and sits on 0.8 acres.

The subject property is located on South Padre Island Drive (TX-358), the major thoroughfare between the city and South Padre Island, Texas’ most popular beach destination. Traffic counts in front of the property are approximately 88,000-vehicles per day. The subject property is an out parcel to Walmart Supercenter, with numerous national and regional retailers in the surrounding area including Payless ShoeSource, Discount Tire, Fuddruckers, AMC Starplex theater, Buffalo Wild Wings, Texas Roadhouse, IHOP, Homewood Suites, Lumber Liquidators, Johnny Carino’s, Dollar Tree, Big Lots, McDonald’s, Cricket Wireless, Subway, Domino’s Pizza, Luby’s, Hawthorn Suites, At Home, and others. Pepsi Bottling Company and Coca-Cola Bottling Company facilities are just west of the property. The densely  populated area has 179,800 residents within five miles.

Located approximately 130 miles southeast of San Antonio, Corpus Christi is a coastal city in South Texas and is the county seat of Nueces County. The Corpus Christi metropolitan area has an estimated population of 442,600 people, and the Port of Corpus Christi is the fifth-largest in the United States. The city is home to Naval Air Station Corpus Christi providing 6,200 civilian jobs to the local economy, making it the single largest employer in the city. Corpus Christi Army Depot, located on NAS Corpus Christi, is the largest helicopter repair facility in the world. Additionally, located on NAS Corpus Christi is the United States Coast Guard Sector/Air Station Corpus Christi.