Marcus & Millichap is pleased to present the opportunity to acquire a stabilized 9,062-square foot, two-tenant retail center located in a major retail corridor in Garland, Texas. Approximately 56 percent of the gross leasable area is leased to Don Arturo’s Cocina and Cantina, and the remaining 44 percent is leased to Sleep Experts. Sleep Experts has been at this location since 2005, and in 2017 extended their term for an additional ten years. Don Arturo’s is a new 10-year lease that includes three percent annual rent escalations. Both leases are triple-net and have options for renewal that include rent increases. Constructed in 1999, the building is situated on a large 2.4-acre lot with a concrete parking lot. Landlord has invested in significant building updates recently, including all new HVAC units, a new roof with a 10-year transferable warranty, and new parking lot striping. The parcel includes room for a pre-approved 5,000-square foot retail building, providing future upside potential.
Shops at Garland is located on the south side of the President George Bush Turnpike (PGBT) near the intersection with Lavon Drive, benefiting from high traffic counts of approximately 74,690 vehicles per day on PGBT and 42,000 vehicles per day on Lavon Drive. Shadow anchored by Kohl’s and The Home Depot, the property has multiple access points from the turnpike feeder road, Lavon Drive, Naaman School Road, and Crist Road. The subject property is well-positioned in a dense retail corridor consisting of numerous national and local tenants, including Hobby Lobby, Mardel, Big Lots, Redline Athletics, Urban Air Trampoline Park, Spring Creek Barbeque, McDonald’s, Chili’s Grill and Bar, Best Buy, Party City. PetCo, Half Price Books, Lowe’s Home Improvement, At Home, Firehouse Subs, Christian Brothers Automotive, and others. Firewheel Town Center, a premier shopping, dining and entertainment destination, is directly across PGBT and features over 125 retail stores including Dillard’s, Macy’s, AMC Theatres, Barnes & Noble, and Dick’s Sporting Goods.
The city of Garland is in the heart of the Dallas-Fort Worth Metroplex, approximately 17 miles northeast of Downtown Dallas. Garland is second only to the City of Dallas in Dallas County by population and has easy access to downtown Dallas via public transportation, including two Dart Blue line stations and buses. While Garland is known as a hub for fabrication and manufacturing jobs, healthcare, technology and wireless communication round out the city’s economic diversity.
- 100% Occupied, Two-Tenant Retail Strip Center in a Prime Retail Location | Out Parcel to Kohl’s and The Home Depot
- Sleep Experts has Been in the Center Since 2005 | Tenant Recently Exercised a Lease Extension for an Additional 10 Years
- Don Arturo’s Cocina and Cantina is a New 10-Year Lease with 3% Annual Rent Escalations
- Both Leases are Triple Net and have Options for Renewal with Rent Increases
- Recent Building Upgrades Include All New HVAC Units Replaced in 2017/2018, New Roof Installed in 2018 with a 10-Year Transferable Warranty, and New Parking Lot Striping in 2018
- Situated on a Large 2.4-Acre Parcel | Land is Priced at $29 per Square Foot
- Plans for an Additional 5,000-Square Foot Retail Building have Already Been Approved by the City, Providing Future Upside Potential
- Desirable Freeway Location off President George Bush Turnpike (PGBT) Near the Intersection with Lavon Drive in a Dense Retail Trade Area | High Traffic Counts of Approximately 74,690 Vehicles per Day on PGBT and 43,000 Vehicles per Day on Lavon Drive
- Enjoys Excellent Freeway Visibility and Numerous Ingress and Egress Points from all Surrounding Roads
- Surrounding Area has Excellent Demographics | Five-Mile Population is more than 266,500 Residents | Affluent Suburban Community with an Average Household Income Exceeding $92,000
- Directly Across the Turnpike from Firewheel Town Center, a Shopping, Dining and Entertainment Destination Featuring more than 125 Stores and Anchored by Dillard’s, Macy’s, AMC Theatres, Barnes & Noble, and Dick’s Sporting Goods