Marcus & Millichap is pleased to offer the opportunity to acquire a value-add, 18,685-square-foot, multi-tenant retail center located in Cameron, Texas. The property is currently 59 percent occupied, providing upside potential in leasing the remaining vacancy. Anchored by Dollar General, the tenant has been a part of the center for approximately 18 years. The lease includes two, five year options with stated rent increases. Originally constructed in 1994, the building is situated on 2.06 acres with paved parking and a pylon sign that provides additional exposure to the center.
Milam Plaza is located on West 4th Street (US Highway 190) and is easily accessible from multiple ingress and egress points. Cumulative traffic counts in front of the property exceed 13,253 vehicles per day. The property is in line with Brookshire Brothers Grocery and CVS Pharmacy; other neighboring national and regional retailers include Domino’s Pizza, Family Dollar, Pizza Hut, Golden Chick, Golden Chick, O’Reilly Auto Parts and others. The average household income is $67,764 within three miles; $69,076 within five miles; and $70,484 within ten miles.
• 18,685-Square-Foot, Two-Tenant Retail Center
• In Line with Brookshire Brothers Grocery and CVS Pharmacy
• Value-Add Investment Opportunity | 59% Occupied | Pro Forma Cap Rate is 15.48%
• Anchored by Long-Term Lease with Dollar General | Publicly Traded Company (NYSE: DG) | Lease in Place for Approximately 18 Years
• Priced at $31 Per Square Foot | Well Below Replacement Cost
• Well Positioned on West 4th Street (US Highway 190), the Town’s Primary East-West Thoroughfare | Traffic Counts are Approximately 13,253 Vehicles Per Day
• Neighboring National and Regional Retailers Include Domino’s Pizza, Family Dollar, Pizza Hut, Golden Chick, Golden Chick, O’Reilly Auto Parts and Others
• Close Proximity to School Campuses Including C H Yoe High School, Cameron Junior High School and Ben Milam Elementary School, Providing Additional Traffic to the Area
• Near Downtown Cameron | Revitalization Project Underway Including Plans for a Boutique Hotel, Wine Tasting Room, Brewery, and Restaurants as Part of the Railfan on Main Development
• Cameron is Situated at the Junction of U.S. Highway 77 and 190 | Approximately 71 Miles Northeast of Austin in North-Central Milam County
