Marcus & Millichap is pleased to offer the opportunity to acquire a value-add, 49,268-square-foot, multi-tenant retail center in Brownsville, Texas. Via Del Mar Shopping Center is currently 75 percent occupied. Approximately 61 percent of the gross leasable area has triple-net leases, providing significant upside potential to a future investor by leasing the vacancies and converting all leases to triple-net. The center has a complementary tenant mix of predominantly internet-resistant, service-oriented businesses, including Rent-A-Center, One Main Financial, Subway, Tiffany Events, Restaurant Ebenezer, Blanco’s Bar, Alliance Cutz, All Star Cleaners, All Valley Drug Screens, All Valley Smiles, Lopez Pharmacy, Boys and Girls Pediatrics Clinic, Little Caesars, Wingstop, Cricket Wireless, Belleza Skin and Beauty, Kiddos Learning Center, a Wells Fargo ATM, and Watermill Express. Constructed in 2003, Via Del Mar is comprised of four multi-tenant buildings and two freestanding buildings (Little Caesars and Wingstop). The buildings are situated on a large seven-acre parcel with ample parking, plus a large double-sided pylon sign that provides exposure to the center.
- 49,268-Square-Foot, Multi-Tenant Retail Center
- Strong Tenant Mix of National and Local Credit
- Value-Add Opportunity | 75% Occupied | 61% of the Gross Leasable Area has Triple-Net Leases
- Upside Potential in Leasing Vacancies and Converting All Leases to Triple-Net | Pro Forma Cap Rate is 9.51%
- Current Average Rents are Below Market
- Comprised of Four Multi-Tenant and Two Freestanding Buildings | Situated on a Seven-Acre Parcel with Ample Concrete Parking | Large Double-Sided Pylon Sign at Entrance Enhances Visibility
- Seller Reports New Roofing in 2022 on All Buildings with a Seven-Year Warranty
- Adjacent to a CVS Pad Site (Not a Part)
- Signalized, Hard Corner Location at the Intersection of Ruben M Torres Boulevard and Padre Island Highway | Easily Accessible from Multiple Ingress and Egress Points
- Cumulative Traffic Counts are Approximately 37,056 Vehicles per Day
- Densely Populated Area | Five-Mile Population Exceeds 143,895 Residents
- Located less than Two Miles from The Port of Brownsville
- The Brownsville-Matamoros Region is a Hub for International Trade | Services a Population of Approximately 1,137,000 People
- Assumable Loan in Place with Attractive Financing | Interest Rate is 4.60%
