Square 67 is a 99 percent occupied, 183,253-square-foot, multi-tenant retail center located in a densely populated area of Dallas, Texas. Fitness Connection anchors the center, occupying approximately 40 percent of the gross leasable area, and is a top-performing gym, ranking in the 83rd percentile based on annual visitors to Fitness Connection locations in the state of Texas. Other tenants include internet-resistant businesses and retailers including Family Dollar, Metro by T-Mobile, Levines, Sam’s $1.00 Store, Rehoboth Disciples Ministry, JS Financial, Shu Deal, Brown’s Barber Shop, C.A. Nails, Ann’s Health Food Market, EXPO Event Hall, Hair Galleria, Lisa’s Soul Food Café, Chiropractic Clinic, Awesome Touch Hair Salon, Gifted Minds Daycare, Resilient Staffing, and others. Two single-tenant buildings are leased to Dallas House of Flowers and William’s Fried Chicken. A long-term lease with Clear Channel Billboard provides additional income to the center. Approximately 83 percent of the gross leasable area has triple-net leases. Originally constructed in 1973, the building is situated on 17.08 acres with ample paved parking. The property includes potential pad site development for future upside opportunities.
The subject property is located on West Red Bird Lane in between two signalized intersections with Highway 67 and South Hampton Road. Square 67 benefits from 10 ingress and egress points, with cumulative traffic counts exceeding 127,000 vehicles per day. Numerous national and regional retailers are in the surrounding area, including McDonald’s, 7-Eleven, Family Dollar, Planet Fitness, Wingstop, World Finance, Pizza Hut, and Southwest Central Mall (formerly Red Bird Mall) which features Burlington, UT Southwestern Medical Center, Boost Mobile, Foot Locker, and many other retailers. The property is also less than two miles from the Dallas Executive Airport, used for general aviation and a reliever airport for Dallas Love Field. The surrounding area benefits from an extremely dense population of more than 255,541 residents within five miles.
- 183,253-Square-Foot, Multi-Tenant Community Retail Center
- Anchored by Fitness Connection | Fitness Connection at this Location is Ranked in the Top 86th Percentile in the United States and Top 83rd Percentile in Texas, Compared to Other Fitness Connection Locations Based on Traffic (source: Placer Labs)
- 99% Occupied with Internet-Resistant, Service-Oriented Tenants | 83% of the Gross Leasable Area has Triple-Net Leases
- Current Average Rents are Below Market
- Additional Income is Derived from a Long-Term Lease with Clear Channel Outdoor for a Double-Sided Billboard
- Building is Situated on 17.08 Acres with Concrete Parking Lot and Ample Parking
- Property Includes Pad Site Potential for Future Development and Upside
- Priced at $92 per Square Foot | Well Below Replacement Cost
- Adjacent Pad Sites Include McDonald’s, Comet Cleaners, and Just 7 Lube & Auto Repair (Not a Part)
- Strategically Positioned on West Red Bird Lane in Between Signalized Intersections with Highway 67 and South Hampton Road | Easily Accessible from 10 Ingress and Egress Locations | Cumulative Traffic Counts Exceed 127,000 Vehicles per Day
- Highly Populated Surrounding Area | 255,541 Residents Within a Five-Mile Radius | Five-Mile Average Household Income Exceeds $59,747
- City of Dallas has Invested Significant Resources in a Comprehensive Neighborhood Revitalization Strategy for the Red Bird Area that is Ongoing
- Assumable Financing Available | Current Cash-on-Cash is 12.91% Based on Current Loan Terms