Marcus & Millichap is pleased to present a value-add, multi-tenant retail center in Brownsville, Texas. Plaza Viejo is comprised of two buildings totaling 17,900 square feet that are out parcels to a former Walmart building. Currently 59 percent occupied, the property provides tremendous upside potential in leasing the vacant spaces. Tenants consist of a mix of credit and local businesses, including Cato, Pizza Patron, Fred Loya Insurance, T-Mobile, MorphoTrust USA, and JR Hutchings Mattress. All leases are triple-net. The buildings were constructed in 2005 and are situated on separate parcels totaling 2.31 acres, allowing flexibility in disposition.
- Value-Add, Multi-Tenant Retail Center in Brownsville, Texas
- Currently 59% Occupied | Tremendous Upside Potential in Leasing Vacant Space | Pro Forma Cap Rate is 12.81%
- All Current Leases are Triple-Net
- 52% of the Gross Leasable Area has Credit Tenants
- Priced at $106 per Square Foot | Below Replacement Cost
- The Center is Comprised of Two Buildings Totaling 17,900 Square Feet Situated on Separate Parcels, Allowing Flexibility in Disposition
- Out Parcels to a Former Walmart Building that now Operates as a Southwest Key Programs Location, with a Work Force of 1,300 Employees
- Located in the Northeastern Quadrant of Two of the Cities Major Thoroughfares (Padre Island Highway and Ruben M Torres Boulevard) | Traffic Counts in Front of the Property on Padre Island Highway are Approximately 20,200 Vehicles per Day
- Approximately 20 Miles to South Padre Island, Texas’ Most Popular Beach Destination
- Densely Populated Area with More than 139,900 Residents Within Five Miles of the Property
- Close Proximity to the Mexican Border, Drawing Consumers from both the United States and Mexico
- Property is Located in the U.S. Treasury-Defined “Opportunity Zone” | Designed to Spur Economic Development by Providing Tax Benefits | Investors can Defer Tax on Capital Gaines Through the End of 2026 or when the Investment is Sold | The Initial Investment will be Discounted by up to 15% for Tax Purposes after Seven Years
