Marcus & Millichap is pleased to offer the opportunity to acquire a 91,930-square foot neighborhood retail center. Town & Country Shopping Center is currently 100 percent occupied with 87 percent of the gross leasable area having credit tenants. The center is comprised of two multi-tenant buildings and two single-tenant buildings. Anchored by Planet Fitness, other tenants include Harbor Freight Tools, Little Caesars Pizza, Cloud City Vape Shop, TOE Driving, Popcorn Premiere, The Zen Spot, Footy Rooty, Kool Smiles, O’Reilly Auto Parts, T&C Barbershop and Loosends. All current leases are triple-net, and rental rates are below market. Additional income for the center is derived from Watermill Kiosk, food trailers and a no fence agreement. The center sits on 9.3 acres and was originally constructed in 1959 with renovations in 1985. Recent property improvements include approximately $500,000 in roof replacement. The parcel includes a pad site for future development, providing potential upside to an investor.
The subject property is located at the signalized hard-corner of North Midkiff Avenue and West Cuthbert Avenue near the intersection with Andrews Highway/State Highway 158. Traffic counts on Midkiff Avenue are approximately 21,100 vehicles per day and 8,000 vehicles per day on West Cuthbert Avenue. Neighboring national and regional retailers include Albertsons, Ace Hardware, Family Dollar, Exxon, Wells Fargo, Dollar General, Bob Mills Furniture, EntertainMart, Wendy’s, McDonald’s, and many more. The surrounding area has strong demographics, with a five-mile population of 143,853 and an average household income exceeding $97,830.
- 100% Occupied, 91,930-Square Foot Neighborhood Retail Center
- 100% of the Leases are Triple-Net | 87% of the Gross Leasable Area has Credit Tenants
- Anchored by Planet Fitness (36% of the Gross Leasable Area) | Tenant is the Largest Franchisee for Planet Fitness | This Location Has Been One of the Company’s Top Performing Stores Since Opening
- Long-Term Lease with Harbor Freight Tools | More than Eight Years Remain on the Primary Term
- Dollar Tree Recently Exercised a Five-Year Renewal Option
- Recent Property Improvements Include Roughly $500,000 in Roof Replacement
- Current Rental Rates are Below Market
- Many Tenants have Rent Bumps Remaining During Their Primary Terms
- Priced at $127 per Square Foot
- Potential Pad Site Included in Price, Providing a Future Upside Opportunity
- Signalized Hard-Corner Location on North Midkiff Road and West Cuthbert Avenue Near the Intersection with State Highway 158
- Traffic Counts on Midkiff Avenue are Approximately 21,100 Vehicles Per Day and 8,000 Vehicles Per Day on West Cuthbert Avenue
- Strong Demographics | Five-Mile Population Exceeds 143,850 with an Average Household Income of $97,833
- In the Heart of the Permian Basin | Second Largest Oil and Gas Shale in the World | ExxonMobil Recently Announced Plans to Increase/Accelerate its Permian Basin Output to 1 Million Barrels Per Day by 2024
