Coronado Plaza

Price: $3,496,000
Sq. Ft.: 25,872
Cap Rate: 7.50%
Built: 1980

Coronado Plaza is a 25,872-square-foot, multi-tenant retail center located directly across the road from Walmart Supercenter in Big Spring, Texas. The building is currently 86 percent occupied, providing upside potential to an investor by leasing the vacant space. The tenant base is a complementary mix of national and regional retailers, including Boot Barn, Hibbett Sports, Dickey’s Barbecue Pit, and Anytime Fitness. All leases are triple-net and include options for renewal at higher rental rates. The building was originally constructed in 1980 and is situated on a 2.76-acre parcel. The Landlord reports recent property improvements of approximately $100,000 spent replacing the parking lot at the end of 2020 and a new roof installed in 2017, which includes a 15-year no-dollar limit (NDL) warranty.

Coronado Plaza is located on U.S. Highway 87 (Gregg Street) just south of the signalized intersection with West Marcy Drive. The property is easily accessible from ingress and egress points from both roads.  Traffic counts are approximately 35,500 vehicles per day.  Walmart Supercenter is the primary traffic driver to the area, with numerous other national and regional tenants in the surrounding area including McDonald’s, Days Inn & Suites by Wyndham, Pizza Hut, Verizon, The Cash Store, Dollar Tree, Sonic Drive-In, Taco Bell, Wendy’s, Domino’s Pizza, O’Reilly Auto Parts, and H-E-B grocery store.  VA Medical Center Big Spring is situated in the northwestern quadrant of U.S. Highway 87 and West Marcy Drive, providing outpatient healthcare to veterans in the surrounding communities.

  • 25,872-Square-Foot, Multi-Tenant Retail Center
  • Shadow-Anchored by Walmart Supercenter
  • Value-Add Opportunity | Currently 86% Occupied | Pro Forma Cap Rate is 9.42%
  • Strong Tenant Base Comprised of National and Regional Retailers
  • Hibbett Sports Recently Exercised a Five-Year Renewal Option | All Leases have Remaining Options for Renewal that Include Rent Escalations
  • Recent Property Improvements Include a New Roof Installed in 2017 With a 15-Year No-Dollar Limit (NDL) Warranty and Parking Lot Replacement Completed at the End of 2020 With a Two-Year Warranty In Place
  • Building is Positioned on a 2.76-Acre Parcel with Ample Paved Parking
  • Adjacent to a McDonald’s Pad Site
  • Signalized, Hard Corner Location at the Intersection of South Gregg Street/Highway 87 and West Marcy Drive | Easily Accessible from Multiple Ingress and Egress Points
  • Directly Across from the VA Medical Center, Primarily Focusing on Outpatient Rural Health Care | Maintains a 40-Bed Community Living Center and 40-Bed Domiciliary Program
  • Located in the City’s Primary Retail Trade Area | Near Many National and Regional Tenants
  • Big Spring is the County Seat of Howard County | Located at the Crossroads of US Highway 87 and Interstate 20 | Largest City Between Midland and Abilene, Texas