Marcus & Millichap is pleased to present the opportunity to acquire a 26,959-square-foot, multi-tenant, neighborhood retail center located in Arlington, Texas. Parkway Village is currently 93 percent occupied, and current leases are all on gross terms, providing significant future upside potential in converting leases to triple-net. The tenant base is a complementary mix of internet-resistant, service-oriented businesses, including Joe Cajun Restaurant, Thao Vy Café, CJ Electronics, American Tax Service, Iglesia de Cristo Apostolica, All ‘N One: Tattoo Supply, All ‘N One: Lyfestyles, Herbalife Nutri Nick, La Campina Salvadorena, Collins Family Planning Clinic, Dana Dinh M.D. Clinic, Lupita Salon, State Farm Agency, and Sneaker Cleaners. The center was constructed in 1984 and is situated on a 2.29-acre parcel with ample paved parking. A highly visible monument sign provides additional exposure to the center.
Parkway Village is prominently located on Pioneer Parkway near the signalized intersection with South Collins Street. Traffic counts in front of the property on Pioneer Parkway are approximately 36,961 vehicles per day. Numerous national and regional retailers are in the surrounding area, including Fiesta Mart, Little Caesars Pizza, Dollar General, 99 Cents Only Store, CVS Pharmacy, First Cash Advance, Planet Fitness, Family Dollar, Jack in the Box, and many others. Parkway Village is also in close proximity to Arlington Independent School District – Dan Dipert Career and Technical Center, accommodating approximately 4,800 students providing innovative learning environments, relevant industry experiences, and opportunities through Career Technical Education (CTE) courses and industry certifications. The surrounding area is densely populated with 148,249 residents within three-miles and 350,193 residents within five miles of the property.
- 26,959-Square-Foot, Multi-Tenant, Neighborhood Retail Center
- 93% Occupied with a Diverse Tenant Mix of Internet-Resistant, Service-Oriented Businesses
- All Leases are on Gross Terms | Current Average Rents are Below Market
- Future Upside Potential in Filling Vacancies and Converting All Leases to Triple-Net | Pro Forma Cap Rate is 10.82%
- Landlord Reports a New Roof was Installed in 2019 and has a Transferrable 20-Year Warranty
- Double-Sided Monument Sign Provides Additional Exposure to the Center
- Priced at $176 Per Square Foot | Below Replacement Cost
- Prominent Location on Pioneer Parkway Near the Signalized Intersection with South Collins Street | Traffic Counts in Front of the Property Exceed 36,961 Vehicles per Day
- Near Numerous National and Regional Retailers Including Fiesta Mart, Little Caesars Pizza, Dollar General, 99 Cents Only Store, CVS Pharmacy, First Cash Advance, Planet Fitness, and Others
- Close Proximity to Arlington Independent School District – Dan Dipert Career Technical Center | Approximately 4,800 Students
- Well Positioned to Serve an Extremely Dense Residential Population of More Than 350,193 Residents Within a Five-Mile Radius | Average Household Income is $73,798
- Arlington is Positioned Halfway Between Dallas and Fort Worth | Eight Miles from Dallas/Fort Worth International Airport | Third-Largest City in North Texas
