Marcus & Millichap is pleased to offer the opportunity to acquire a 76,749-square-foot, two-tenant retail center located in Harlingen, Texas. Tenants consist of Urban Air Adventure Park and Ollie’s Bargain Outlet. Ollie’s lease is guarantee by a publicly traded company (NASDAQ: OLLI) and has more than five years remaining on the primary term. Urban Air Adventure Park has more than four years remaining on the primary term, and the lease has dual personal guarantees. Constructed in 2002, the building is situated on a large 6.23-acre parcel with ample paved parking.
The subject property is located west of U.S. 83 at the intersection of Dixieland Road and West Lincoln Avenue with extremely high cumulative traffic counts of approximately 122,000 vehicles per day. Urban Air and Ollie’s Bargain Outlet are in line with Valle Vista Mall, a regional shopping mall anchored by JCPenney and Gold’s Gym, featuring 80+ retailers and restaurants. Numerous national and regional retailers are in the surrounding area, including Target, Walmart, TJ Maxx, Hobby Lobby, Dollar Tree, Ross Dress for Less, PetSmart, Burlington, Academy, Marshalls, Firehouse Subs, AT&T, Bass Pro Shops, Cinemark Theatres, CATO, McDonald’s, H-E-B, Supercuts, Advance Auto Parts, Applebee’s, and many more. The subject property is located in a dense residential area with a population of 98,654 residents within a five-mile radius.
- 76,749-Square-Foot, Two-Tenant Retail Center Well Positioned in a High-Traffic Retail Corridor
- In Line with Valle Vista Mall, a Regional Mall Featuring 80+ Stores and Restaurants | 1.6 Million Annual Visitors (Source: Placer.ai)
- Strong Tenant Base | 47% of the GLA is Leased to Ollie’s Bargain Outlet, a Publicly Traded Company (NASDAQ: OLLI) | 53% of the GLA is Leased to Urban Air Adventure Park, Franchised by a 7-Unit Operator
- Current Average Rents are Below Market
- Priced at $111 Per Square Foot | Well Below Replacement Cost
- Located West of U.S. Highway 83 at the Intersection of Dixieland Road and West Lincoln Avenue | Multiple Ingress and Egress Points
- Shadow-Anchored by Top-Ranking Walmart and Target Stores | Walmart Ranks in the Top 1% in the Nation, Hosting 3.7M Visitors Annually | Target Ranks in the Top 19% in the Nation, with 1.8M Visitors Annually, Based on Consumer Traffic (Source: Placer.ai)
- The Free Trade Bridge at Los Indios, a State-of-the-Art International Bridge, is Located 10 Miles South of Harlingen | Provides a Seamless Highway Connection for More Efficient Distribution of Industrial Products to and from Interior Mexico
- Harlingen is a Principal City of Brownsville-Harlingen Metropolitan Area | The City is the Second-Largest City in Cameron County and Fourth-Largest in the Rio Grande Valley
