Marcus & Millichap is pleased to present an opportunity to acquire a 63,099-square foot, fully stabilized multi-tenant neighborhood retail center in the desirable Dallas-Fort Worth suburb of Richardson, Texas. The complementary mix of tenants includes Slate Venues, Sway Dance Center, Crull Fitness, Beyond the Door, Kumon, Wildflower Patio & Grill, PlayDate, Tannery & Company Wealth Management, Shady’s Burgers, Frankie’s Mexican Cuisine, Allstate Insurance, Integrative Veterinary Wellness, Spa at II Creeks, and others. Ninety-five percent of the gross leasable area has triple-net leases, and 57 percent of the gross leasable area has leases with personal guarantees.
The subject property is located on Custer Parkway, with additional ingress/egress points from West Lookout Drive. Cumulative traffic counts exceed 19,500 vehicles per day. The location is southwest of the President George Bush Turnpike and North Central Expressway intersection, inside the Telecom Corridor. The Telecom Corridor provides more than 82,600 tech jobs and is home to some of the most significant players in the telecommunications industry including AT&T, Verizon, Samsung, Texas Instruments, Metro PCS, Cisco Systems, and Fujitsu. The new CityLine mixed-use development at the President George Bush Turnpike and North Central Expressway is less than three-miles from the property, featuring regional campus sites for State Farm and Raytheon. The University of Texas at Dallas, with a current enrollment of over 27,600 students, is about one and a half miles to the west of the property. The surrounding area has excellent demographics, with a one mile average household income of $117,300 and five mile population of 328,287.
- Fully Stabilized Multi-Tenant Neighborhood Retail Center in Richardson, Texas
- Complementary Mix of Tenants Providing Dining, Shopping, Beauty, and Fitness Options that are Internet Resistant
- 95 Percent of the Gross Leasable Area has Triple-Net Leases
- 57 Percent of the Gross Leasable Area has Personally Guaranteed Leases
- Strong Occupancy History
- Building Completely Renovated in 2007 as Part of a Larger Neighborhood Initiative to Redevelop 18 Acres into a Mixed-Use Retail and Residential Destination in the Canyon Creek Neighborhood
- Adjacent to a Gated Community that Attracts Foot Traffic
- Walking Distance to Canyon Creek Country Club
- Highly Affluent Surrounding Area | One Mile Average Household Income is $117,300
- Located in the Telecom Corridor, Accounting for 82,600 Jobs | Major Employers Include AT&T, Verizon, Samsung, Texas Instruments, Metro PCS, Cisco Systems, and Fujitsu
- Approximately One-and-a-Half Miles East of the University of Texas at Dallas | Enrollment of More than 27,600 Students
- Near CityLine Mixed-Use Development at the Intersection of President George Bush Turnpike and Central Expressway | Featuring Retail, Dining, Hotel, Entertainment and Residential Options as well as Regional Campus Sites for State Farm and Raytheon
