Investment Overview

Santa Fe Square is an 82,752-square-foot, multi-tenant neighborhood retail center that is shadow-anchored by Target in Odessa, Texas. The center is currently 93 percent occupied on predominately gross lease terms, providing significant future upside potential in leasing the remaining vacancies and converting all leases to triple-net. Anchored by a new 10-year lease with Skechers, the tenant base is a complementary mix of internet-resistant, service-oriented businesses including T-Mobile, The Potter's House Church, Evan Photography, Volcano Asian Fusion Sushi & Bar, Fit Cartel, Beautiful Blinds Hearth & Home, Cheers to Paint, Roaming Yoga, The Churchill, Larry's Specialty Meats, Café De Luna, Jorge's Restaurant, XO Bridals, Vital Care Urgent Care, and more. Constructed in 1974, the building exterior was renovated in 2018, including a new roof installed over the Sketchers and XO Bridal building. The property is situated on two land parcels totaling 4.875 acres. A large double-sided monument sign provides additional exposure to the center. Santa Fe Square is located near the signalized intersection of East 42nd Street and Englewood Lane. Cumulative traffic counts in front of the property exceed 57,000 vehicles per day. The subject property is near many national and regional retailers including H-E-B Grocery, dd's Discounts, Ross Dress for Less, Crunch Fitness, PetSmart, McAlister's Deli, Walmart Supercenter, The Home Depot, Tropical Smoothie Café, Raising Cane's, AutoZone Auto Parts, and many others. Santa Fe Square is also in close proximity to Music City Mall in Odessa, which features approximately 100 stores and is anchored by At Home, Burlington Coat Factory, Dillard's, JCPenney, and Urban Air. The University of Texas Permian Basin (UTPB) is also less than one mile from Santa Fe Square with a current enrollment of approximately 7,500 students. The University of Texas Permian Basin is known for being one of the most affordable universities in Texas. The surrounding area benefits from strong demographics, serving a population of more than 120,665 residents with an average household income of $90,369 within a five-mile radius.