Marcus & Millichap and The Levy Retail Group are pleased to offer the opportunity to acquire a fully stabilized 19,464-square foot multi-tenant retail center in Vernon, Texas. Currently 100 percent occupied, the center enjoys a strong tenant base with 95 percent of the gross leasable area having credit tenants. Anchored by Dollar General, tenants consist of Little Caesars Pizza, Cricket Wireless, Cash Max, Anytime Fitness, and Pretty Nails. All leases are triple-net except Cash Max. Dollar General has already expressed interest in renewing at the same rental rate for an additional five years and is installing a new fenced concrete storage area for carts. Situated on 1.96 acres, the building was originally constructed in 2003 and has undergone recent renovations such as wall repair.
The subject property is located on Hillcrest Drive in the major retail hub of the city at the intersection of U.S. Highway 287 and College Drive. Traffic counts on Highway 287 are approximately 18,000 vehicles per day and 8,330 vehicles per day on Hillcrest Drive. Neighboring national and regional retailers include Hibbett Sports, Bealls, Tractor Supply Co., Factory Connection, Goodwill, Subway, Hampton Inn, Dickey’s Barbecue Pit, Aaron’s, Taco Bell, Verizon, McDonald’s, Taco Casa, Braum’s, Holiday Inn Express & Suites, and others. Walmart Supercenter is located directly across Highway 287. Vernon College is nearby and has a student enrollment of more than 3,000. Two hospitals, Wilbarger General Hospital and North Texas State Hospital, are just south of the property.
Vernon is the county seat of Wilbarger County. It is located in the Western Plains of Texas, near the Red River, east of the Texas panhandle in the Red River/Pease River watershed. U.S. Highway 287, U.S. Highway 183, U.S. Highway 283, and U.S. Highway 70 intersect in the city. Vernon is 180 miles northwest of Dallas, 180 miles southwest of Amarillo, 170 miles east of Lubbock, 140 miles northeast of Abilene, 50 miles west of Wichita Falls, and 170 southwest of Oklahoma City, Oklahoma.
Sale Highlights
- 100 Percent Occupied Multi-Tenant Retail Center
- Strong Tenant Base | 95 Percent of the Gross Leasable Area has Credit Tenants
- 91 Percent of the Gross Leasable Area has Triple-Net Leases
- Anchored by Dollar General | Tenant has Already Expressed Interest in Renewing for an Additional Five Years at the Same Rental Rate | Tenant is Installing a New Fenced Concrete Cart Storage Area
- Recent Building Improvements Include Replacement of Walls
- Additional Property Attributes Include a Metal Roof and Concrete Parking Lot
- Priced at $125 per Square Foot | Below Replacement Cost
- Located in the Major Retail Hub of the City with a Population of 12,000 Residents | Property Fronts Hillcrest Drive Near the Intersection of U.S. Highway 287 and College Drive
- Walmart Supercenter is Directly Across U.S. Highway 287
- One Half of a Mile from Vernon College | Student Population Exceeds 3,000
- Near Two Hospitals, Wilbarger General Hospital and North Texas State Hospital
- Conveniently Located 35 Minutes from Wichita Falls Airport with Taxi Service Available
- 180 Miles Northwest of Dallas on U.S. Highway 287
- Desirable Property in a No Income Tax State
