Santa Fe Square is an 82,752-square-foot, multi-tenant neighborhood retail center that is shadow-anchored by Target in Odessa, Texas. The center is currently 93 percent occupied on predominately gross lease terms, providing significant future upside potential in leasing the remaining vacancies and converting all leases to triple-net. Anchored by a new 10-year lease with Skechers, the tenant base is a complementary mix of internet-resistant, service-oriented businesses including T-Mobile, The Potter’s House Church, Evan Photography, Volcano Asian Fusion Sushi & Bar, Fit Cartel, Beautiful Blinds Hearth & Home, Cheers to Paint, Roaming Yoga, The Churchill, Larry’s Specialty Meats, Café De Luna, Jorge’s Restaurant, XO Bridals, Vital Care Urgent Care, and more. Constructed in 1974, the building exterior was renovated in 2018, including a new roof installed over the Sketchers and XO Bridal building. The property is situated on two land parcels totaling 4.875 acres. A large double-sided monument sign provides additional exposure to the center.
Santa Fe Square is located near the signalized intersection of East 42nd Street and Englewood Lane. Cumulative traffic counts in front of the property exceed 57,000 vehicles per day. The subject property is near many national and regional retailers including H-E-B Grocery, dd’s Discounts, Ross Dress for Less, Crunch Fitness, PetSmart, McAlister’s Deli, Walmart Supercenter, The Home Depot, Tropical Smoothie Café, Raising Cane’s, AutoZone Auto Parts, and many others. Santa Fe Square is also in close proximity to Music City Mall in Odessa, which features approximately 100 stores and is anchored by At Home, Burlington Coat Factory, Dillard’s, JCPenney, and Urban Air. The University of Texas Permian Basin (UTPB) is also less than one mile from Santa Fe Square with a current enrollment of approximately 7,500 students. The University of Texas Permian Basin is known for being one of the most affordable universities in Texas. The surrounding area benefits from strong demographics, serving a population of more than 120,665 residents with an average household income of $90,369 within a five-mile radius.
- 82,752-Square-Foot, Multi-Tenant, Neighborhood Retail Center | Shadow-Anchored by Target
- 93% Leased | Anchored by a New 10-Year, Triple-Net Lease with Skechers | All other Leases are on Gross Terms
- Current Average Rents are Below Market | Significant Upside Potential in Leasing Vacancies and Converting all Leases to Triple-Net
- Property Features Large Double-Sided Monument Sign | Consists of Two Multi-Tenant Buildings and One Single-Tenant Building Situated on Two Parcels Totaling 4.875 Acres
- Priced at $127 Per Square Foot | Well Below Replacement Cost
- Landlord States Recent Property Improvements Include 12 New HVAC Units within the Past Year, New TPO Roof Installed over the Skechers and XO Bridal Building in 2018, and Exterior Remodel in 2018
- Located Near the Signalized Intersection of East 42nd Street and Englewood Lane | High Traffic Counts Exceeding 57,000 Vehicles per Day
- Located in a Dense Retail Trade Area Featuring Numerous Traffic Drivers such as Target, Ross Dress for Less, H-E-B Grocery, Walmart Supercenter, and Music City Mall (Anchored by Dillard’s, At Home, JCPenney, Burlington, and Urban Air)
- Close Proximity to the University of Texas Permian Basin (UTPB) | Enrollment is Approximately 7,500 Students
- Well Positioned to Serve a Densely Populated Residential Community of More than 120,665 Residents Within a Five-Mile Radius
- Part of the Midland-Odessa Combined Statistical Area, Informally Known as The Petroplex | Largest Single Source of Oil and Gas Deposits in the United States | Second Largest Oil and Gas Shale in the World
