Colonial Plaza

Price: $1,540,000
Sq. Ft.: 18,695
Cap Rate: 7.38%
Built: 1983

Colonial Plaza is an 18,695-square foot multi-tenant retail center in Wichita Falls, Texas. The center is currently 85 percent occupied, providing upside potential in leasing the vacant space. All leases are triple-net.  Major tenants consist  of Panda Chinese Restaurant, First Acceptance Insurance, Red Wing Shoe Store, Star Nails, Texas Driving School, and Scarlet Fox Boutique. The buildings were constructed in 1983 and are situated on two land parcels totaling 1.4 acres.

The subject property is located in a dense retail corridor on Kemp Boulevard near the intersection with Call Field/Midwestern Parkway. Traffic counts in front of the property are approximately 24,000-vehicles per day. The property is adjacent to Best Buy and located directly across from Sikes Senter Mall, with approximately 80 specialty   stores including Dillard’s, JCPenney, Books a Million, On the Border, Carmike Cinemas, Boot Barn, and Buffalo Wild Wings. Sikes Senter is also the central hub for the Wichita Falls Transit System with buses transporting to and from Sheppard Air Force Base hourly. Sheppard Air Force Base is located five miles north of the central business district and is the largest training base and most diversified in Air Education and Training Command.

Other neighboring retailers include Logan’s Roadhouse, El Fenix, Olive Garden, Chick-fil-A, Chili’s Grill & Bar, Ross Dress for Less, Dollar Tree, Hampton Inn, Toys ‘R Us, Starbucks, Target, PetCo, Denny’s, Red Lobster, Fairfield Inn,  La Quinta, and numerous others. Vernon College, a fully accredited community college offering academic, career and technical education programs, is located on the east side of Sikes Senter Mall. The population is approximately 86,300 residents within five miles of the property, with an average household income of $61,000.