Shopping Strip

Lone Star Pavilion

3100 Grapevine Mills Pkwy, Grapevine, TX 76051

Listing Price: $7,246,000

Cap Rate
6.38%
Gross SF
18,694
Rentable SF
18,694
Price/Gross SF
$387.61
Lot Size
2.57 acres
Year Built
2005

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire an 18,694-square foot, value-add multi-tenant strip center located in a dense retail trade of Grapevine, Texas. Lone Star Pavilion is 92 percent occupied with all tenants having triple-net leases and 92 percent of the gross leasable area having credit tenants. Tenants consist of Fuzzy’s Taco Shop, Mattress Firm, The Leather Sofa Company, and FedEx Office. The subject property consists of two buildings constructed in 2005, situated two parcels of land totaling 2.57 acres. The property has ample paved parking. The subject property is located at the high-traffic intersection of Grapevine Mills Parkway and Texas Highway 121. Traffic counts on Grapevine Mills Parkway are 54,000 vehicles per day and approximately 127,200 vehicles per day on Highway 121. Lone Star Pavilion sits directly across the road from Grapevine Mills Mall, an indoor mall featuring 180 stores of shopping, entertainment, and restaurants. Featured stores include Neiman Marcus Last Call, Saks Fifth Avenue Off 5th, H&M, Burlington Coat Factory, Marshalls, Forever 21, Nike Factory Store, Coach Factory, Ann Taylor Factory Store, Under Armour, and more. Grapevine Mills also features AMC Grapevine Mills 30 with Dine-In Theatres, Fieldhouse USA, LEGOLAND Discovery Center, Sea Life Aquarium, The Escape Game, Round 1 Bowling and Amusement, and Rainforest Café. Numerous other retailers are in the surrounding area, including Ashley Home Store, Rooms to Go, Cracker Barrel Old Country Store, Chuck E. Cheese’s, Altitude Trampoline Park, Chair King, Blue Goose Cantina, Discount Tire, Chick-fil-A, Chipotle, Applebee’s, Steak ‘N Shake, and Bass Pro Shop.

Investment Highlights

  • Strong Tenant Base | All Current Leases Include National or Regional Tenants
  • Future Upside Potential | The Center Currently has One Vacant Suite and Two Tenants that have Below Market Rents
  • 92% Occupied | All Current Leases are Triple-Net
  • Proposed Re-Development Project of Former Fitness Center Directly Behind Subject Property | Bay West Stars and Stripes Apartment Complex Would Add 500+ Multi-Family Apartment Homes | Subject Property Would Benefit from Increased Traffic and Upgrades to the Common Area Grounds

Exclusively Listed By

Listing Price: $7,246,000

Cap Rate
6.38%
Gross SF
18,694
Rentable SF
18,694
Price/Gross SF
$387.61
Lot Size
2.57 acres
Year Built
2005

Investment Highlights

  • Strong Tenant Base | All Current Leases Include National or Regional Tenants
  • Future Upside Potential | The Center Currently has One Vacant Suite and Two Tenants that have Below Market Rents
  • 92% Occupied | All Current Leases are Triple-Net
  • Proposed Re-Development Project of Former Fitness Center Directly Behind Subject Property | Bay West Stars and Stripes Apartment Complex Would Add 500+ Multi-Family Apartment Homes | Subject Property Would Benefit from Increased Traffic and Upgrades to the Common Area Grounds

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire an 18,694-square foot, value-add multi-tenant strip center located in a dense retail trade of Grapevine, Texas. Lone Star Pavilion is 92 percent occupied with all tenants having triple-net leases and 92 percent of the gross leasable area having credit tenants. Tenants consist of Fuzzy’s Taco Shop, Mattress Firm, The Leather Sofa Company, and FedEx Office. The subject property consists of two buildings constructed in 2005, situated two parcels of land totaling 2.57 acres. The property has ample paved parking. The subject property is located at the high-traffic intersection of Grapevine Mills Parkway and Texas Highway 121. Traffic counts on Grapevine Mills Parkway are 54,000 vehicles per day and approximately 127,200 vehicles per day on Highway 121. Lone Star Pavilion sits directly across the road from Grapevine Mills Mall, an indoor mall featuring 180 stores of shopping, entertainment, and restaurants. Featured stores include Neiman Marcus Last Call, Saks Fifth Avenue Off 5th, H&M, Burlington Coat Factory, Marshalls, Forever 21, Nike Factory Store, Coach Factory, Ann Taylor Factory Store, Under Armour, and more. Grapevine Mills also features AMC Grapevine Mills 30 with Dine-In Theatres, Fieldhouse USA, LEGOLAND Discovery Center, Sea Life Aquarium, The Escape Game, Round 1 Bowling and Amusement, and Rainforest Café. Numerous other retailers are in the surrounding area, including Ashley Home Store, Rooms to Go, Cracker Barrel Old Country Store, Chuck E. Cheese’s, Altitude Trampoline Park, Chair King, Blue Goose Cantina, Discount Tire, Chick-fil-A, Chipotle, Applebee’s, Steak ‘N Shake, and Bass Pro Shop.

Exclusively Listed By

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