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Shopping Strip

Parker Plaza East

1937 W Parker Rd, Plano, TX 75023

Listing Price: $5,807,000

Cap Rate
6.75%
Gross SF
47,890
Rentable SF
47,890
Price/Gross SF
$121.26
Lot Size
2.96 acres
Year Built
1978

Investment Overview

Parker Plaza East is a 100% occupied, 47,890-square-foot, multi-tenant retail center that is well positioned in a densely populated area of Plano, Texas. Tenants consist of National Tire & Battery (NTB), World Olympic Gymnastics Academy (WOGA), and Berean Bible Fellowship Church. NTB and WOGA are triple-net leases with multiple options for renewal remaining, and Berean Bible Fellow Church is on a gross lease providing future upside potential in converting all leases to triple-net. WOGA has two locations in North Texas (Frisco and Plano) and is considered one of the largest gymnastics training programs in the world. The building was originally constructed in 1978 and sits on a 2.96-acre parcel with a concrete parking lot. The subject property is located in the northeastern quadrant of the signalized intersection of West Parker Road and Custer Road and is easily accessible from multiple ingress and egress points from both roads. This intersection benefits from high traffic counts exceeding 68,800 vehicles per day cumulatively. Parker Plaza East is shadow-anchored by The Home Depot; other pad sites include Braum’s Ice Cream and a Valero gas station. Other neighboring retailers include Walmart Neighborhood Market, Kroger Grocery Store, Starbucks, Wendy’s, Subway, Sally Beauty Supply, Pizza Hut, Kwik Kar Lube & Tune, Metro by T-Mobile, and more. Parker Plaza East is well positioned in an extremely densely populated area, serving more than 330,375 residents with an average household income of exceeding $123,050 within a five-mile radius.

Investment Highlights

  • 47,890-Square-Foot, Multi-Tenant Retail Center | Shadow-Anchored by The Home Depot
  • Comprised of Three Tenants | World Gymnastics Academy, National Tire and Battery, and Berean Bible Fellowship Church
  • At Closing, Berean Bible Fellowship Church will Execute a Lease Extension for up to Three Years at the Current Rental Rate | Rent is Currently Well-Below Market, and Tenant has No Options for Renewal
  • 80% of the Gross Leasable Area has Triple-Net Leases
  • Located on West Parker Road at the Signalized Hard Corner of Custer Road | Easily Accessible from Multiple Ingress and Egress Points from Both Roads | Cumulative Traffic Counts are Approximately 68,800 Vehicles per Day

Exclusively Listed By

Shopping Strip

Parker Plaza East

Listing Price: $5,807,000

Cap Rate
6.75%
Gross SF
47,890
Rentable SF
47,890
Price/Gross SF
$121.26
Lot Size
2.96 acres
Year Built
1978

Investment Highlights

  • 47,890-Square-Foot, Multi-Tenant Retail Center | Shadow-Anchored by The Home Depot
  • Comprised of Three Tenants | World Gymnastics Academy, National Tire and Battery, and Berean Bible Fellowship Church
  • At Closing, Berean Bible Fellowship Church will Execute a Lease Extension for up to Three Years at the Current Rental Rate | Rent is Currently Well-Below Market, and Tenant has No Options for Renewal
  • 80% of the Gross Leasable Area has Triple-Net Leases
  • Located on West Parker Road at the Signalized Hard Corner of Custer Road | Easily Accessible from Multiple Ingress and Egress Points from Both Roads | Cumulative Traffic Counts are Approximately 68,800 Vehicles per Day

Investment Overview

Parker Plaza East is a 100% occupied, 47,890-square-foot, multi-tenant retail center that is well positioned in a densely populated area of Plano, Texas. Tenants consist of National Tire & Battery (NTB), World Olympic Gymnastics Academy (WOGA), and Berean Bible Fellowship Church. NTB and WOGA are triple-net leases with multiple options for renewal remaining, and Berean Bible Fellow Church is on a gross lease providing future upside potential in converting all leases to triple-net. WOGA has two locations in North Texas (Frisco and Plano) and is considered one of the largest gymnastics training programs in the world. The building was originally constructed in 1978 and sits on a 2.96-acre parcel with a concrete parking lot. The subject property is located in the northeastern quadrant of the signalized intersection of West Parker Road and Custer Road and is easily accessible from multiple ingress and egress points from both roads. This intersection benefits from high traffic counts exceeding 68,800 vehicles per day cumulatively. Parker Plaza East is shadow-anchored by The Home Depot; other pad sites include Braum’s Ice Cream and a Valero gas station. Other neighboring retailers include Walmart Neighborhood Market, Kroger Grocery Store, Starbucks, Wendy’s, Subway, Sally Beauty Supply, Pizza Hut, Kwik Kar Lube & Tune, Metro by T-Mobile, and more. Parker Plaza East is well positioned in an extremely densely populated area, serving more than 330,375 residents with an average household income of exceeding $123,050 within a five-mile radius.

Exclusively Listed By

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