Modern Shops on 83

Price: $3,775,000
Sq. Ft.: 12,820
Cap Rate: 8.38%
Built: 2016

Modern Shops on 83 is a newly constructed, 13,000-square foot multi-tenant retail center in McAllen, Texas. The center is 90 percent leased, and all current leases are triple net. Tenants consist of BurgerFi, Evera Lounge, Trim Med Spa and Floss Dental. Constructed in 2016, the building is situated on 1.23 acres.

The subject property is located in the most dense retail trade area in the region and adjacent to Interstate 2 (US Expressway 83), with traffic counts exceeding 100,000-vehicles per day. Numerous national and regional tenants are in the area, including Starbucks, Academy Sports & Outdoors, Tilted Kilt Pub, Cracker Barrel, Homewood Suites, SpringHill Suites, Best Buy, McAlister’s Deli, Buffalo Wild Wings, Babies ‘R Us, DSW, Chuck E Cheese’s, Cavender’s Boot City, Cheddar’s Scratch Kitchen, Saltgrass Steak House, Gold’s Gym, Cinemark Tinseltown, Kohl’s, Walmart Supercenter, Target, Office Depot, TJ Maxx, Five Below, H-E-B and many others. Additionally, the subject property is located just minutes from the McAllen Convention Center, the newly constructed Performing Arts Center, McAllen International Airport, South Texas College’s main campus with over 31,000 students and faculty, McAllen Medical Center, and La Plaza Mall. Densely populated, the surrounding area has over 183,800 residents within a five-mile radius of the property.

• Newly Constructed Multi-Tenant Retail Center
• 90 Percent Leased | Upside Potential in Leasing the Vacant Space
• All Leases are Newly Executed Triple Net Leases
• 10-Year Roof Warranty
• Freeway Location on US Expressway 83 (Interstate 2)
• High Traffic Counts of Over 100,000 Vehicles Per Day
• Located in Region’s Most Dense Retail Trade Area
• The Five-Mile Population Exceeds 183,800 Residents
• Located in the McAllen-Edinburg-Mission MSA | Retail Hub of the Rio Grande Valley
• Assumable Financing In Place with a Partial Recourse Guaranty