Cap Rate: 8.91%
Size: 100,863 SF
Lot Size: 11.98 Acres
Marcus & Millichap is pleased to present the opportunity to acquire Chestnut Village Shopping Center, a 103,863 SF multi-tenant retail center on an 11.98 acre parcel in Lufkin, TX. The improvements include 4 separate buildings with primary access from Business 69 (S. Chestnut Street) as well as access to Business 59 (S. Timberland Dr.) and E. Denman Ave. providing excellent ingress and egress for the tenants’ customers.
Chestnut Village Shopping Center is centrally located in the heart of Lufkin, TX less than one mile from downtown. According to CoStar, consumers have $45,000,000 of retail expenditures annually within a 1-mile radius of Chestnut Village Shopping Center. The average household expenditure within a 3-mile radius of the center is approximately $52,838 annually.
Lufkin is the county seat of Angelina County, located in the Texas Forest Country in between Davy Crockett National Forest and Angelina National Forest. Lake Sam Rayburn, the largest reservoir in the state of Texas with more than 570 miles of shoreline, attracts approximately 2 million users to the area each year for the State’s best bass fishing, water skiing, camping and more. In addition, Lufkin offers easy access to major cities like Dallas, Houston, San Antonio and Waco.
The Property is 93% occupied with an appealing tenant mix that includes Dollar General, Tuesday Morning, Wally’s Party Factory, Western Finance, and Lockheed Martin, to name a few. 72% of the leases are NNN and rents average a low $6.70 per square foot. Chestnut Village Shopping Center provides investors an excellent opportunity to realize upside by taking advantage of the Property’s strong location, below market rents, and 7% vacancy.
- Value-Add Opportunities Through Leasing Vacancies & Raising Rents
- $62.00 Per SF – Well Below Replacement Cost
- Large 11.98 Acre Parcel