Marcus & Millichap is pleased to present an opportunity to acquire an H-E-B shadow-anchored retail center with upside potential. This exclusive investment opportunity is comprised of two multi-tenant retail buildings totaling 13,296 square feet of gross leasable area, situated on two land parcels totaling 0.75 acres. The asset is currently 77% occupied with triple-net leases on three of the five existing tenants. Current average rental rates are below market. Tenants consist of internet-resistant, service-oriented businesses including Taqueria, T-Mobile, Couture Nails, Illiana’s Hair Salon, and Dog Lovers Pet Salon.
The subject property is located at the hard corner of North Conway Avenue and East 8th Street and has a well-positioned pylon sign that is visible from both roads. Traffic counts exceed 20,000 vehicles per day on North Conway Avenue. The subject property has strategic positioning in relation to a strong performing H-E-B grocery and other synergistic retailers and services along North Conway Avenue. Neighboring retailers include Rent-A-Center, FAMSA, BBVA Bank, Bank of America, Ace Cash Express, Whataburger, KFC, Church’s Chicken, Family Dollar, Firestone, Subway, and others. Several school campuses are in close proximity, providing additional traffic to the area. The surrounding area is densely populated with more than 161,744 residents within a five-mile radius, having an average household income of $60,489.
- H-E-B Grocery Shadow-Anchored Retail Center
- Property Consists of Two Multi-Tenant Buildings Totaling 13,296 Square Feet | Currently 77% Occupied | 48% of the Gross Leasable Area Has Triple-Net Leases
- Significant Upside Potential in Leasing Vacant Space and Converting All Leases to Triple-Net | Pro Forma Cap Rate is 11.59%
- Tenant Base is a Complementary Mix of Internet-Resistant Businesses
- Current Average Rents are Below Market
- Hard Corner Location at the Intersection of North Conway Avenue and East 8th Street | Traffic Counts Exceed 20,000 Vehicles Per Day | Easily Accessible from Multiple Ingress and Egress Points
- Highly Visible Pylon Signage
- Densely Populated Area | More Than 161,740 Residents Located Within Five Miles
- MSA is the Retail Center of South Texas and Northern Mexico | Consumer Base of More than 10 Million People | Generates Some of the Highest Sales per Capita in the State