TITLE:
TROPHY RETAIL CENTER WITH NATIONAL TENANTS AND 100% OCCUPANCY
CONTROL:
Partner
VALUE:
$24,435,000
LOAN:
$13,500,000
EQUITY:
$10,935,000
TYPE:
Retail/Commercial
HAVE:
Class A Super Regional Power Center. 100% occupied. Anchor tenants: Burlington, Michaels, PETCO, Mardel plus inline space that includes Federal Express, Quest, etc. High visibility property on frontage road of Interstate 40 with high traffic counts.
ADDRESS:
2207 South Western Street, Amarillo, Texas
BENEFITS TO NEW OWNER:
Strong cash flow with annual bumps in most leases. Management and Leasing available. Buyer could be completely passive or as active as they want to be.
GROSS SCHEDULED INCOME:
$2,399,073 Actual
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$2,399,073
EXPENSES:
$668,293
NOI:
$1,730,780
DEBT SERVICE:
$1,223,633
CASH FLOW:
$507,147
CAP RATE:
7.08%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$13,500,000
$101,969
8%
02/06/2029
No
BENEFITS SOUGHT:
Down and out. Or the Sponsor could stay in the deal with a new group and provide cash, signature, management and leasing.
CAN ADD:
Cash. Signature. Sponsor can provide management and leasing. Sponsor has managed and leased the property for the past 8 years and occupancy has never dropped below 97%. Sponsor would consider staying in ownership with a new group.
REMARKS:
Strong tenant base. Property performed well during the pandemic. All 4 anchor tenants have renewed their leases in the past 12 months. Built in 2008 and 2009. Total of 167,490 square feet on 16.32 acres.
COUNSELOR:
Steve Fithian
SVN Trinity Advisors
3000 Race Street, Suite 100
Fort Worth, Texas, 76111
