Marcus & Millichap is pleased to offer the opportunity to acquire a newly constructed 8,218-square foot multi-tenant retail center in the desirable Dallas-Fort Worth suburb of Allen, Texas. The center is 100 percent leased, with internet-resistant tenants. All of the leases are triple-net, include rent escalations at the beginning of lease year six, and have options for renewal. Additionally, all existing leases have personal guarantees.
The subject property is located on South Angel Parkway near the signalized intersection with East Bethany Drive/West Lucas Road. Traffic counts are approximately 14,730 vehicles per day in front of the property. Shadowed by Walmart Supercenter to the south of the property, other neighboring retailers include O’Reilly Auto Parts, Angel Parkway Pet Hospital, Kwik Kar, Walgreens, Bank of America, Starbucks, Wendy’s, Taco Bell, Sonic Drive-In, and 1st Class Urgent Care Center. The surrounding area is highly affluent, with an average household income of $143,400 within one mile of the property. The population is over 135,500 residents and growing.
Allen’s strategic location just 10 minutes north of Dallas in Collin County provides companies and residents all the benefits of a metropolitan area with access to excellent schools and universities, high-tech infrastructure, quality business parks and the interstate highway system. Easy access to telecommunications and technology-related companies further enhance Allen’s position as a leading location for high-tech industry. Allen’s residents are within minutes of major shopping, cultural functions and pro-sporting events. Allen was ranked second on Money Magazine’s “Best Places to Live 2017” list.
SALE HIGHLIGHTS
- 8,218-Square Foot Class “A” Multi-Tenant Retail Center Shadow-Anchored by Walmart Supercenter
- New 2018 Construction
- All Tenants have New 10-Year Leases with Scheduled Rent Increases in Lease Year Six | Seller will Credit Buyer any Remaining Free Rent and Tenant Improvement Allowances at Closing
- All Leases have Personal Guarantees
- 60 Percent of the Gross Leasable Area is Leased to Medical Tenants
- Located in a Growing Area on Angel Parkway Near the Signalized Intersection with East Bethany Drive/West Lucas Road | Traffic Counts are Approximately 14,730 Vehicles per Day in Front of the Subject Property
- Highly Affluent Surrounding Area | Average Household Income within One Mile is $143,400
- Population Exceeds 135,500 Residents | More than 10 Schools Located within a Three-Mile Radius | One of the Top Ranked School Districts in the State
- Allen is one of the Top Growing Cities in the State | $1.6 Billion of Development Broke Ground in 2017 | CyrusOne Recently Purchased 66 Acres and will Build a $1 Billion Data Campus in Allen | $91 Million Convention Center and Hotel Complex Set to Open in 2018 | “The Strand” Corporate Campus and Mixed-Use Development Located at Highway 121 and Alma will Bring Office Space, Retail Outlets, Residential Options, and a Greenbelt and Waterway
