Cap Rate: 8.49%
Size: 129,425 SF
Lot Size: 11.92 Acres
Marcus & Millichap is pleased to offer Town & Country Shopping Center (“Property”) for your consideration. Consisting of 129,425 square feet of buildings on 11.92 acres of land, the property is well located at the signalized intersection of North Laurent Street and East Airline Road in Victoria, Texas. Both the southeast and southwest hard corners of North Laurent Street are included in the sale. Current tenants consist of an appealing mix of primarily service-oriented and educational tenants, some of which have occupied space in the Property for more than 15 years.
Immediately across Airline Road, The University of Houston – Victoria (“UHV”) recently purchased property to house its Small Business Development Center as well as its Regional Center for Economic Development and Entrepreneurship. Construction on the site is slated to begin in fall 2018 and expectations are high that the development will be a boom for the area. Town & Country Shopping Center is currently only 67 percent occupied with rents averaging $7.88/SF on a triple-net basis, which makes it perfectly suited to benefit from UHV’s development across the street.
Offered for $7,550,000, the property presents a unique opportunity to take an established shopping center to the next level by leasing approximately 42,324 square feet of vacancy and increasing rental rates as the area continues to improve. With a going-in cap rate of 8.49 percent, Town & Country Shopping Center provides market-leading revenue potential for substantially less than replacement cost.
- Two Signalized Hard Corners in Victoria, Texas
- 129,425 Square Feet of Buildings | 11.92 Acres of Land
- Across Street from Property Recently Acquired by University of Houston – Victoria
- Service-Oriented Tenant Base | NNN Leases
- 67% Current Occupancy | $7.88/SF Average Rent
- Significant Upside Opportunity