Offered at $2,600,000, the investment is below replacement value, equating to $28.98 PSF to the buildings and $8.57 PSF to the land.
Excellent dense / infill location located in the heart of SE Dallas. Premises is 89,715 SF and is strategically positioned on 6.96 AC or 303,265 SF of land.
The offering provides investors with a stabilized revenue stream ($231,748 annually) as well as an array of value-add opportunities which include: below market rents, lease-up potential, redevelopment opportunities as well as the ability to construct a pad site along N. Prairie Creek Road on part of the parking lot.
Surrounding area boast terrific demographics with 20,731, 130,705 and 293,993 residents within a 1, 3 and 5 mile radius. The main ethnic group for the respective radii is predominately Hispanic with 60.80%, 62.30% and 52.60% of the population base of Hispanic origin. Such demographics make Bruton Terrace Shopping Center well positioned for long-term success.
Neighboring communities boast 5,858, 36,343 and 90,862 households within the property’s respective 1, 3 and 5 mile radius.
The center is conveniently located, surrounded by various major thoroughfares that include: Highway 87 to the north, Interstate 635 to the east, Highway 175 to the south and the Downtown Dallas exchange to the west (the convergence of Highway 75, Interstate 45, Interstate 30, Interstate 35 and Highway 67).
The property benefits from a new roof and an updated facade, both completed in 2014. The capital intensive updates limit expenditures for new ownership.
New security system and LED lighting were also added in 2014, providing a safe and well lit property throughout the day and a reduced cost.
The property benefits from long-serving tenants which have been at the premises for over 10-years. The established businesses solidify new ownership’s revenue stream while repositioning efforts take place.
81.55% of the shopping center or 73,170 SF are on MTM leases, including vendors in the Bruton Bazaar. The MTM lease term provides increased flexibility to reposition asset as well as achieve new leases at market terms and rates.