Marcus & Millichap is pleased to offer the opportunity to acquire a 21,997-square-foot, multi-tenant retail center in Midland, Texas. The center is currently 100 percent occupied with a complementary mix of internet-resistant and service-oriented businesses, including Nice & Clean Laundromat, Cricket Wireless, Lucky Massage Spa, Tripled Tattoo, World Finance Corporation, African Food Store, Happy Nails, Midland Vape & Smoke, and Royal Key Concierge. Current leases are on gross terms providing future upside potential in converting leases to triple-net. The building sits on two parcels totaling 1.35 acres.
Regency Shopping Center is located at the signalized, hard corner intersection of North Big Spring Street and West Scharbauer Drive. Traffic counts on North Big Spring Street are approximately 21,454 vehicles per day and 5,060 vehicles per day on West Scharbauer Drive. Neighboring national and regional retailers include O’Reilly Auto Parts, Dollar Tree, H&R Block, Rent-A-Center, Boost Mobile, Lone Star Title Loans, Whataburger, Family Dollar, and others. The surrounding area benefits from strong demographics, with a five-mile population of 129,381 and an average household income exceeding $107,009.
- 21,997-Square-Foot, Multi-Tenant Retail Center Located in a Densely Populated Area
- 100% Occupied with Internet-Resistant and Service-Oriented Businesses
- All Leases are on Gross Terms | Current Average Rents are Below Market | Future Upside Potential
- Property Includes a Double-Sided Pylon Sign
- Priced at $117 per Square Foot | Below Replacement Cost
- Signalized, Hard Corner Location at the Intersection of North Big Spring Street and West Scharbauer Drive | Easily Accessible from Multiple Ingress and Egress Points
- Cumulative Traffic Counts Exceed 26,514 Vehicles Per Day
- Well Positioned to Serve a Densely Populated Residential Community of More than 129,381 Residents Within a Five-Mile Radius
- Affluent Demographics | Average Household Income Exceeds $100,707 Within One Mile | $104,219 Within Three Miles | and $107,009 Within Five Miles
- Midland is Located in West Texas, Midway between Fort Worth and El Paso
- Part of the Midland-Odessa Combined Statistical Area, Informally Known as The Petroplex
- In the Heart of the Permian Basin | Second Largest Oil and Gas Shale in the World
