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Shopping Strip

Las Palmas Plaza

3777 N Expressway 83, Brownsville, TX 78526

Listing Price: $3,697,000

Cap Rate
7.50%
Gross SF
10,563
Rentable SF
10,563
Price/Gross SF
$350.00
Lot Size
1.65 acres
Year Built
2017

Investment Overview

Las Palmas Plaza is a 100 percent occupied, 10,563-square-foot, multi-tenant retail center located in Brownsville, Texas. Approximately 71 percent of the gross leasable area has medical tenants, and all leases are triple-net. Tenants consist of Northland Hearing Centers, Airostti Rehab Center, Baaxten Imaging, and Raymond James & Associates. The building is newer (2017) construction with attractive architecture and is situated on a 1.648-acre parcel with concrete parking.


The subject property is located in a commercial development along the west side of North Expressway 83, benefitting from extremely high traffic counts exceeding 115,030 vehicles per day. Surrounding pad sites include a two-tenant retail strip leased to Sleep Number and Verizon, Olive Garden, Black Bear Diner, and Longhorn Steakhouse. Sunrise Mall is catty corner from the property, featuring more than 100 stores and anchored by Dillard’s, JCPenney, Dick’s Sporting Goods, and Cinemark Theater. Numerous national and regional retailers are in the surrounding area, including Target, TJ Maxx, Burlington, Office Depot, Michaels, PetSmart, Spec's, Chuck E. Cheese’s, Rudy’s, Chili’s, Johnny Carino’s, Ross Dress for Less, Best Buy, Gold’s Gym, Hobby Lobby, Marshall’s, Kohl's, Ashley Furniture, Bed Bath & Beyond, Old Navy, Staples, IHOP, and many others. The surrounding area is densely populated with over 157,321 residents within five miles. Additionally, the trade area is supported by approximately 50,000 daytime employees within a five-mile radius.

Investment Highlights

  • 10,563-Square-Foot, Multi-Tenant Retail Center | Newer (2017) Construction
  • Fully Stabilized Asset | 100% Occupied | All Leases are Triple-Net
  • 71% of the Gross Leasable Area has Medical Tenants | Tenant Base is a Complementary Mix of Internet-Resistant Businesses
  • Prime Location in a Major Retail Trade Area Along North Expressway 83 | Extremely High Traffic Counts Exceeding 115,030 Vehicles Per Day
  • Current Seller Took Ownership by Deed in Lieu | Limited Inspection Material Available

Exclusively Listed By

Shopping Strip

Las Palmas Plaza

Listing Price: $3,697,000

Cap Rate
7.50%
Gross SF
10,563
Rentable SF
10,563
Price/Gross SF
$350.00
Lot Size
1.65 acres
Year Built
2017

Investment Highlights

  • 10,563-Square-Foot, Multi-Tenant Retail Center | Newer (2017) Construction
  • Fully Stabilized Asset | 100% Occupied | All Leases are Triple-Net
  • 71% of the Gross Leasable Area has Medical Tenants | Tenant Base is a Complementary Mix of Internet-Resistant Businesses
  • Prime Location in a Major Retail Trade Area Along North Expressway 83 | Extremely High Traffic Counts Exceeding 115,030 Vehicles Per Day
  • Current Seller Took Ownership by Deed in Lieu | Limited Inspection Material Available

Investment Overview

Las Palmas Plaza is a 100 percent occupied, 10,563-square-foot, multi-tenant retail center located in Brownsville, Texas. Approximately 71 percent of the gross leasable area has medical tenants, and all leases are triple-net. Tenants consist of Northland Hearing Centers, Airostti Rehab Center, Baaxten Imaging, and Raymond James & Associates. The building is newer (2017) construction with attractive architecture and is situated on a 1.648-acre parcel with concrete parking. The subject property is located in a commercial development along the west side of North Expressway 83, benefitting from extremely high traffic counts exceeding 115,030 vehicles per day. Surrounding pad sites include a two-tenant retail strip leased to Sleep Number and Verizon, Olive Garden, Black Bear Diner, and Longhorn Steakhouse. Sunrise Mall is catty corner from the property, featuring more than 100 stores and anchored by Dillard’s, JCPenney, Dick’s Sporting Goods, and Cinemark Theater. Numerous national and regional retailers are in the surrounding area, including Target, TJ Maxx, Burlington, Office Depot, Michaels, PetSmart, Spec's, Chuck E. Cheese’s, Rudy’s, Chili’s, Johnny Carino’s, Ross Dress for Less, Best Buy, Gold’s Gym, Hobby Lobby, Marshall’s, Kohl's, Ashley Furniture, Bed Bath & Beyond, Old Navy, Staples, IHOP, and many others. The surrounding area is densely populated with over 157,321 residents within five miles. Additionally, the trade area is supported by approximately 50,000 daytime employees within a five-mile radius.

Exclusively Listed By

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