We are pleased to offer the opportunity to acquire an 8,675-square-foot,multi-tenant retail center located in Grapevine, Texas. Victory Shops Tate Plaza is 100percent occupied, and all leases are triple-net leases. The center has a complementary mix of internet-resistant tenants, including Smoothie King, Tint World, Lenny's Subs, and TrueDental. True Dental recently executed a five-year lease renewal. Additional income is derived from a cell tower lease with T-Mobile. Recent property improvements include the installation of a new roof in 2019. The building was originally constructed in 2006 and is situated on a 1.56-acre parcel. A double-sided monument sign faces William D. TateAvenue, providing additional exposure to the center.
Sale Price: $3,964,500
Building Size: 8,675 SF
Lot Size: 1.56 Acres
Price / SF: $457.00
Cap Rate: 6.0%
Year Built: 2006
Property Information & Highlights
Victory Shops Tate Plaza is located on William D. Tate Avenue, near the intersection ofWilliam D. Tate Avenue and State Highway 114. Traffic counts in front of the propertyexceed 19,100 vehicles per day. The center is strategically located a dense retail trade areanear many national and regional retailers, including Target, Big Lots!, Ross Dress for Less,Petco, Joann Fabrics & Crafts, Eatzi's Bakery & Market, Academy Sports & Outdoors, BestBuy, Sam's Club, Chick-fil-A, In-In-Out Burger, P.F. Chang's, and many more. Victory ShopsTate Plaza is located one mile from Baylor Scott & White - Grapevine, a full-serviceteaching hospital serving more than 302 beds. The property is less than four miles fromboth Dallas-Fort Worth International Airport and Southlake Town Square. Dallas-FortWorth International Airport is the third-busiest airport in the world and two-thirds of theairport, including all terminal buildings, are located within Grapevine city limits. SouthlakeTown Square offers a unique, open-air lifestyle shopping district with more than 120 shopsand fine restaurants whose reputation has been recognized throughout the country. Thesurrounding area has desirable demographics, with a five-mile average household incomeof approximately $145,841 and the five-mile population exceeding 125,432 residents.Grapevine is located in Tarrant County and in the center of the Dallas/Fort Worth region,22 miles northwest of downtown Dallas and 21 miles northeast of downtown Fort Worth.Also located within the city is Grapevine Lake, a major water source for the Metroplexmanaged by the U.S. Army Corps of Engineers. Three major freeways, State Highway 114,State Highway 121, and Interstate Highway 635, intersect in the heart of Grapevine andprovide excellent access to Dallas and Fort Worth and the area's shopping andentertainment and employment centers.