Marcus & Millichap is pleased to present the opportunity to acquire Meadowbrook East Shopping Center in Fort Worth, Texas. Anchored by long-term tenants, AutoZone and Family Dollar, the subject property is an 85 percent occupied, 49,210-square-foot, multi-tenant retail building. The center features a complementary mix of internet-resistant, service-oriented tenants, including Metro PCS, Papa John’s, Star Nails, Kutz Unlimited, Dream Keepers Academy, Maxumus Tax, Elaine’s, The Dock Bookshop, Craig Mangum, Dream Performance, HireQuest Direct, and the Fort Worth Police Department. Approximately 60 percent of the gross leasable area has triple-net leases, providing an investor upside potential in leasing the vacant space and converting gross leases. The center was constructed in 1960 and sits on a 5.35-acre parcel with ample paved parking.
- 49,210-Square-Foot, Multi-Tenant Neighborhood Retail Center
- 85% Occupied | 60% of the Gross Leasable Area has Triple-Net Leases
- Potential Upside in Leasing the Vacancies and Converting all Leases to Triple-Net Leases | Pro Forma Cap Rate is 9.84%
- Anchored by AutoZone and Family Dollar | Both are Publicly Traded Companies (NYSE: AZO and NASDAQ: DLTR) | Long-Term Tenants 25+ Years
- Family Dollar is Paying Percentage Rent
- Complementary Mix of Internet-Resistant, Service-Oriented Tenants
- Priced at $87 Per Square Foot | Well Below Replacement Cost
- Seller Reports Recent Property Improvements Include a New Roof Installed in 2020 with a 15-Year Warranty Covering Suites 6619 Through 6719 | The Remainder of the Roof was Replaced in 2016
- Situated on 5.3 Acres with Ample Paved Parking
- Adjacent Pad Sites Include Texaco, Meadowbrook Food Store, and Vo Automotive
- Signalized, Hard Corner of Meadowbrook Drive and Handley Drive | Easily Accessible from Multiple Ingress and Egress Points | Traffic Counts Exceed 17,063 Vehicles Per Day
- Located Two Blocks East of Interstate 820, a Major Thoroughfare and 35-Mile Loop Around the City of Fort Worth and Some of its Suburbs
- Extremely Dense Residential Area of 227,513 Residents within a Five-Mile Radius
- Several School Campuses Neighbor the Property, Providing Additional Traffic to the Area
