The Shops at Northpark is an 40,919-square-foot, multi-tenant neighborhood retail center in Abilene, Texas. The center is currently 46 percent occupied with a mix of lease types, providing significant upside potential in leasing the remaining vacancies and converting all leases to triple-net terms. Tenants are a complementary mix of internet-resistant and service-oriented businesses, including Planet Smokie & Vape, Kung Fu China, Payment One Financial, Creative Cakes, and Pam’s Pet Store. The subject property is situated on 2.7 acres with ample paved parking and a double-sided monument sign for added visibility. Originally constructed in 1955, the landlord has recently completed extensive renovations, including remodeling the exterior façade, repaving and restriping the parking lot, installing new LED pole lights, new signage, and more.
The Shops at Northpark is located at the signalized, hard corner intersection of North 1st Street and Willis Street. Cumulative traffic counts are approximately 39,700 vehicles per day. Neighboring national and regional retailers include Buddy’s Home Furnishing, EZ Pawn, Cricket Wireless, Harbor Freight Tools, A-MAX Auto Insurance, Subway, McDonald’s, Goodwill West Texas, and many others. Abilene High School, with a current enrollment of approximately 1,966 students, is located less than a mile behind the subject property, providing additional traffic to the area. The surrounding area benefits from being located in a densely populated area, serving 108,078 residents within a five-mile radius.
- 40,919-Square-Foot, Multi-Tenant Retail Center Located in Densely Populated Area
- Value-Add Investment Opportunity | 46% Occupied with a Mix of Triple-Net and Gross Leases
- Significant Upside Potential | Pro Forma Cap Rate is 12.65%
- Current Average Rents are Below Market
- Tenants are a Mix of Internet-Resistant and Service-Oriented Businesses
- Priced at $86 Per Square Foot | Well Below Replacement Cost
- Landlord States Recent Completion of Approximately $1.5 Million in Property Renovations, Including a New Facade, Parking Lot Repaving and Striping, Signage, LED Pole Lights, and Replatting
- Located at the Signalized, Hard Corner of North 1st Street and Willis Street | Cumulative Traffic Counts Exceed 39,700 Vehicles per Day
- Abilene is a Regional Hub for a 22-County Trade Area Known as the “Big Country”
- The Subject Property is Seven Miles from Dyess Air Force Base | Serving Approximately 14,182 Military, Civilians, and Dependents | Economic Impact of $528+ Million Across the Big Country
- Abilene is Home to Abilene Christian University, McMurry University, and Hardin-Simmons University
