Rowlett Crossing

Price: $2,963,231
Sq. Ft.: 11,500
Cap Rate: 7.00%
Built: 2006

Rowlett Crossing is an 11,500 square foot strip center located just off President George Bush Turnpike in Rowlett, TX, which is located approximately 20 miles northeast of downtown Dallas. Rowlett Crossing is an outparcel to a freestanding LA Fitness, who recently executed a new 15-year lease. The property is strategically located in a dense retail and residential market with nearly 200,000 residents within a five-mile radius, and an average  household income well above the national average (over $91,000 within a one-mile radius and over $98,000 within a three-mile radius). Rowlett Crossing is located adjacent to a SuperTarget on Lakeview Parkway which has a traffic count of over 49,000 cars/day. Other national retailers in the immediate area include: Walmart Supercenter, Home Depot, PetSmart, Ross, Sprouts, ALDI, and BigLots!.

The Dallas/Fort Worth Metroplex is the fourth-largest metro in the nation and is composed of 12 counties, with an aggregate of more than 6.9 million residents. Population growth in the region was tremendous during the past decade, outpacing most U.S. metros. The population of the Metroplex is forecast to expand 1.6 percent per year through 2020. Dallas/Fort Worth is home to 21 Fortune 500 companies in diverse economic sectors, including energy, food, healthcare services, telecommunications and retail. Dallas/Fort Worth is one of the nation’s largest employment markets, with more than 3.4 million jobs. The Metroplex fared better than most of the nation during the past five years, with 3.0 percent job growth annually; it is forecast to add jobs at an annual rate of 2.5 percent through 2020.

Rowlett Crossing is currently occupied by Massage Envy (36% of the center and leased till 2027), T-Mobile, Sports Clips, DS Therapy Nails & Spa, and Papa John’s (approximate lease commencement April 1st- lease guaranteed 51% by corporate, 49% by Jerry Jones). The average rent/sf in the center is approximately $20/sf and is being offered for sale at $254/sf. All tenants reimburse for CAM, taxes, and insurance.