Shopping Strip

Central Square

1701-1833 Airport Freeway, Bedford, TX 76021

Listing Price: $6,792,000

Cap Rate
8.00%
Gross SF
45,240
Rentable SF
45,240
Price/Gross SF
$150.13
Lot Size
3.96 acres
Year Built
1984

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire a value-add 45,420-square foot, multi-tenant retail center with freeway visibility in Bedford, Texas. Central Square has a complementary mix of service-orientated tenants including Carter Blood Care, Monarch Dental, Toadies Bar and Grill, Big Shots Sports Cafe, Express Employment Professionals, China Town Restaurant, Top Foot Massage, Crossfit, OMG BBQ, Ironside Martial Arts, and Drengr Axe Throwing. The center is currently 88 percent occupied with triple-net leases, providing upside potential to a future investor. Central Square was originally constructed in 1984 and is situated on a 3.96-acre parcel with ample concrete parking. Central Square is located on the frontage road of Texas 183 on Airport Freeway/Highway 121 with excellent freeway visibility. Traffic counts in front of the property exceed 195,900 vehicles per day. The center is located in a prime retail trade area and is surrounded by many national retailers including Texas Harley-Davidson, Buffalo Wild Wings, Cheddars, Public Storage, Starbucks, McDonald's, Supercuts, Jason's Deli, Albertsons, GNC, Burger King, Spring Creek Barbeque, Walmart Neighborhood Market, Sherwin Williams, Panda Express, Chili's, and many more. Additional traffic comes from several hotels in the area, including Extended Stay America, Home2 Suites by Hilton, Courtyard by Marriott, and Super 8 Motels. The corporate headquarters for insurance company State National Companies is located directly behind the property and employs a staff of more than 400. Texas Health Resources, the largest employer in the city of Bedford, is located just over a mile from the property. The surrounding area has excellent demographics with 258,811 residents within five miles and an average household income of $97,121.

Investment Highlights

  • 40,420 Square-Foot, Multi-Tenant Retail Center
  • 88% Occupied | Pro-Forma Cap Rate of 9.31% Provides Potential Upside to a Future Investor
  • All Leases are Triple-Net
  • Desirable Freeway Location in a Highly Affluent, Densely Populated Area | More than 258,000 Residents Within Five Miles and an Average Household Income Exceeding $97,100 Annually

Exclusively Listed By

Listing Price: $6,792,000

Cap Rate
8.00%
Gross SF
45,240
Rentable SF
45,240
Price/Gross SF
$150.13
Lot Size
3.96 acres
Year Built
1984

Investment Highlights

  • 40,420 Square-Foot, Multi-Tenant Retail Center
  • 88% Occupied | Pro-Forma Cap Rate of 9.31% Provides Potential Upside to a Future Investor
  • All Leases are Triple-Net
  • Desirable Freeway Location in a Highly Affluent, Densely Populated Area | More than 258,000 Residents Within Five Miles and an Average Household Income Exceeding $97,100 Annually

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire a value-add 45,420-square foot, multi-tenant retail center with freeway visibility in Bedford, Texas. Central Square has a complementary mix of service-orientated tenants including Carter Blood Care, Monarch Dental, Toadies Bar and Grill, Big Shots Sports Cafe, Express Employment Professionals, China Town Restaurant, Top Foot Massage, Crossfit, OMG BBQ, Ironside Martial Arts, and Drengr Axe Throwing. The center is currently 88 percent occupied with triple-net leases, providing upside potential to a future investor. Central Square was originally constructed in 1984 and is situated on a 3.96-acre parcel with ample concrete parking. Central Square is located on the frontage road of Texas 183 on Airport Freeway/Highway 121 with excellent freeway visibility. Traffic counts in front of the property exceed 195,900 vehicles per day. The center is located in a prime retail trade area and is surrounded by many national retailers including Texas Harley-Davidson, Buffalo Wild Wings, Cheddars, Public Storage, Starbucks, McDonald's, Supercuts, Jason's Deli, Albertsons, GNC, Burger King, Spring Creek Barbeque, Walmart Neighborhood Market, Sherwin Williams, Panda Express, Chili's, and many more. Additional traffic comes from several hotels in the area, including Extended Stay America, Home2 Suites by Hilton, Courtyard by Marriott, and Super 8 Motels. The corporate headquarters for insurance company State National Companies is located directly behind the property and employs a staff of more than 400. Texas Health Resources, the largest employer in the city of Bedford, is located just over a mile from the property. The surrounding area has excellent demographics with 258,811 residents within five miles and an average household income of $97,121.

Exclusively Listed By

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