McALLEN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for two adjacent parcels within Trenton Crossing shopping center (site map bottom left) in McAllen.
The parcels are Best Buy and OfficeMax, as well as Kohl’s and Shops Space.
Best Buy and OfficeMax is being offered at $12.54 million, or $197 a square foot at a cap rate of 7.5 percent.
Kohl’s and Shops Space is being offered at $14.41 million, which represents a price of $122 per square foot at a cap rate of 7.4 percent cap rate and $122 per square foot.
Alvin Mansour, (top right photo) a first vice president investments and senior director of Marcus & Millichap’s National Retail Group in San Diego, and James Vickers, a retail investment specialist in the firm’s Dallas office, are representing the seller, a Texas-based developer.
“The properties are currently fully triple-net leased to an array of national tenants including Best Buy, OfficeMax, Kohl’s, Old Navy, Dots and Shoe Carnival,” says Mansour. “Both Best Buy and OfficeMax have signed 10-year leases with rent increases every five years in both the initial term and option periods.
Alvin Mansour, (top right photo) a first vice president investments and senior director of Marcus & Millichap’s National Retail Group in San Diego, and James Vickers, a retail investment specialist in the firm’s Dallas office, are representing the seller, a Texas-based developer.
“The properties are currently fully triple-net leased to an array of national tenants including Best Buy, OfficeMax, Kohl’s, Old Navy, Dots and Shoe Carnival,” says Mansour. “Both Best Buy and OfficeMax have signed 10-year leases with rent increases every five years in both the initial term and option periods.
Kohl’s has signed a 20-year, triple-net lease with five percent rent increases between each of the six five-year options.”
Built in 2008, Best Buy and OfficeMax encompass 63,703 square feet of retail space located at 8012 and 8016 N. 10th St. Kohl’s and Shops Space include 118,498 square feet of retail space located at 7900 N. 10th St.
Both properties are part of Trenton Crossing, a 248,260-square foot shopping center located on the northeast corner of 10th Street and Trenton Road.
The properties are shadow-anchored by Target, Ross, Marshalls, Hobby Lobby, Bealls and PetSmart and located adjacent to a newly constructed Home Depot and H-E-B supermarket.
Plaza Del Norte, a 46-acre lifestyle center with a tenant mix that includes Conn’s, Walgreens, Circuit City, Petco, Michaels and numerous others, is located directly across 10th Street.
Plaza Del Norte, a 46-acre lifestyle center with a tenant mix that includes Conn’s, Walgreens, Circuit City, Petco, Michaels and numerous others, is located directly across 10th Street.
McAllen is located approximately five miles from the border of Mexico near two international bridges that receive traffic counts in excess of 40 million vehicles per year. Per capita retail sales in McAllen are twice that of the national average. The metropolitan area is home to approximately 1.8 million people.
Press Contact: Stacey Corso Communications Department (925) 953-1716
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