Marcus & Millichap is pleased to offer the opportunity to acquire a 63,027-square-foot, two-tenant retail center located in McAllen, Texas. Tenants consist of Best Buy and Kids Wonderland. Best Buy is a publicly-traded company (NYSE: BBY) and occupies 71% of the gross leasable area. Kids Wonderland is a regional indoor play center with two additional locations in Austin and San Antonio. Both leases are on triple-net terms and have renewal options with scheduled rental increases. Constructed in 2007, the building is situated on a large 8.80-acre parcel with ample paved parking.
The subject property is located in a dense retail trade area on North 10th Street near the signalized intersection of North 10th Street and Wisconsin Road. Traffic counts in front of the property exceed 26,677 vehicles per day. Numerous national and regional retailers are in the surrounding area, including Kohl’s, Shoe Sensation, Old Navy, HomeGoods, PetSmart, Hobby Lobby, Dollar Tree, Rack Room Shoes, Daiso, Marshalls, Starbucks, The UPS Store, Target, Olive Garden, McDonalds, Sam’s Club, Walmart, CATO, Logan’s Roadhouse, Jersey Mike’s, Raising Cane’s, and many more.
- 63,027-Square-Foot, Two-Tenant Retail Center Located in a High-Traffic Retail Corridor with Exceptional Annual Retail Sales of $4.3 Billion with a Three-Mile Radius and $11.16 Billion within a Five-Mile Radius
- Fully Stabilized Asset | 100% Occupied | 100% Triple-Net Leases
- Anchored by a Top-Performing Best Buy (NYSE: BBY) | Long-Term Tenant in the Center for 16+ Years | This Location Ranks is in the 94th Percentile for the State of Texas, and 95th Percentile Nationwide, Compared to Other Best Buy Stores Based on Consumer Traffic (source: Placer Labs Inc.)
- Current Average Rents are Below Market
- Situated on North 10th Street Near Signalized Intersection with Wisconsin Road |Traffic Counts Exceed 26,677 Vehicles per Day
- Close Proximity to New $120M Upscale Mixed-Use Development ‘The District’ Located in the Southwest Quadrant of the North 10th Street and Wisconsin Road/Auburn Avenue Intersection | Will Feature Retail, Restaurants, Class ‘A’ Office Space, a Luxury Apartment Complex (200+ Units), and a 40-Lot Townhome Community
- Located in Major Retail Corridor | Near Numerous National and Regional Retailers, Including Kohl’s, Target, Daiso, Ross Dress for Less, Hobby Lobby, PetSmart, Home Goods, Old Navy, The Home Depot, and Many More
- Densely Populated Area with More Than 231,407 Residents Within a Five-Mile Radius | Average Household Income is Approximately $91,875 within One Mile; $87,14 within Three Miles; $73,559 within Five Miles
- Located in the McAllen-Edinburg-Mission MSA | Key Trade Hub for the Rio Grande Valley | Also Part of the Reynosa-McAllen Metropolitan Area, Serving a Population of Roughly 1.5 Million
