Cap Rate: 8.78%
Size: 129,425 SF
Lot Size: 11.92 Acres
Marcus & Millichap is pleased to offer the opportunity to acquire a value-add community retail center in Victoria, Texas. Town & Country Shopping Center is currently 70 percent occupied with all triple-net leases, providing significant upside potential for an investor. The shopping center is comprised of eight buildings totaling 129,425 square feet, situated on 11.92 acres. 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. Major tenants include Tiny Sprouts Academy, Buddy’s Home Furnishings, Farmers Insurance, Crossroads Tire & Auto, The Vine School, The Market Victoria, Top Tattoo, and many others. The center was constructed in 1971.
Town and Country Center is located at the signalized intersection of North Laurent Street and East Airline Road with multiple ingress and egress points from all roads. Traffic counts in front of the property are approximately 25,900 vehicles per day. Neighboring national and regional retailers include Bealls, HEB, AutoZone, DaVita, Arby’s Walgreens, CVS, Firestone, and many others. University of Houston-Victoria’s main campus is located less than one mile from the subject property. The campus is a four-year university and one of the four institutions in the University of Houston system. The campus services over 4,300 students. 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 has begun, and expectations are high that the development will have a positive economic effect for the area.
Victoria Texas is located thirty miles inland from the Gulf of Mexico. Victoria is known as “The Crossroads” because of its proximity to Corpus Christi, Houston, San Antonio and Austin, all of which are within a two-hour drive from the area.
- Value-Add Retail Center in Victoria, Texas
- 70% Occupied | All Current Leases are Triple-Net
- Tremendous Upside Potential Leasing the Vacant Space | Pro Forma Cap Rate is 12.23%
- Priced at $58 per Square Foot | Well Below Replacement Cost
- Tenant Base Consist of an Appealing Mix of Service-Oriented and Educational Tenants
- Current Rents are Below Market
- Property is Located at Two Signalized Hard Corners | Intersection of North Laurent Street and East Airline Road with Multiple Ingress and Egress Points
- Across from a Bealls-Anchored Retail Center
- University of Houston-Victoria’s main campus is Located less than One Mile from the Subject Property