Las Palmas Plaza

Price: $3,697,000
Sq. Ft.: 10,563
Cap Rate: 7.5%
Built: 2017

Las Palmas Plaza is a 100 percent occupied, 10,563-square-foot, multi-tenant retail center located in Brownsville, Texas. Approximately 71 percent of the gross leasable area has medical tenants, and all leases are triple-net.  Tenants consist of Northland Hearing Centers, Airostti Rehab Center, Baaxten Imaging, and Raymond James & Associates. The building is newer (2017) construction with attractive architecture and is situated on a 1.648-acre parcel with concrete parking.

The subject property is located in a commercial development along the west side of North Expressway 83, benefitting from extremely high traffic counts exceeding 115,030 vehicles per day. Surrounding pad sites include a two-tenant retail strip leased to Sleep Number and Verizon, Olive Garden, Black Bear Diner, and Longhorn Steakhouse. Sunrise Mall is catty corner from the property, featuring more than 100 stores and anchored by Dillard’s, JCPenney, Dick’s Sporting Goods, and Cinemark Theater. Numerous national and regional retailers are in the surrounding area, including Target, TJ Maxx, Burlington, Office Depot, Michaels, PetSmart, Spec’s, Chuck E. Cheese’s, Rudy’s, Chili’s, Johnny Carino’s, Ross Dress for Less, Best Buy, Gold’s Gym, Hobby Lobby, Marshall’s, Kohl’s, Ashley Furniture, Bed Bath & Beyond, Old Navy, Staples, IHOP, and many others.  The surrounding area is densely populated with over 157,321 residents within five miles. Additionally, the trade area is supported by approximately 50,000 daytime employees within a five-mile radius.

  • 10,563-Square-Foot, Multi-Tenant Retail Center | Newer (2017) Construction
  • Fully Stabilized Asset | 100% Occupied | All Leases are Triple-Net
  • 71% of the Gross Leasable Area has Medical Tenants | Tenant Base is a Complementary Mix of Internet-Resistant Businesses
  • Part of a Commercial Development Portfolio | Adjacent Pad Sites Include a Two-Tenant Retail Strip Leased to Sleep Number and Verizon, Olive Garden, Black Bear Diner, and Longhorn Steakhouse | All Pad Sites are Available for Individual Purchase
  • Prime Location in a Major Retail Trade Area Along North Expressway 83 | Extremely High Traffic Counts Exceeding 115,030 Vehicles Per Day
  • Catty Corner from Sunrise Mall | Anchored by Dillard’s, JCPenney, Dick’s Sporting Goods, and Cinemark Theater and Featuring 100+ Stores
  • Major Retail Trade Area Location Including Numerous National and Regional Retailers
  • Densely Populated Area with a Five-Mile Population Exceeding 155,300 Residents | Additional Day Time Workforce of Approximately 50,000 Employees
  • Home to SpaceX, Brownsville’s Largest Private Employer with More Than 1,600 Employees | Estimated Gross Output of $885 Million for the County
  • The Brownsville-Matamoros Region is a Hub for International Trade | Services a Population of Approximately 1,137,000 People
  • Current Seller Took Ownership by Deed in Lieu | Limited Inspection Material Available