Legacy Ranch Plaza, Corporate Anchor-100% Leased, Melissa TX
100% Leased | New 2024 NNN | Corporate Anchor | 6.07% Cap | $454K NOI | DFW's Fastest-Growing Market
Marketing description
Legacy Ranch Plaza presents an elite opportunity to acquire a brand-new (2024 construction), 100% occupied, three-tenant strip center in one of the Dallas-Fort Worth Metroplex’s premier growth submarkets. Located at 2111 McKinney Street (State Highway 5) in Melissa, Texas, this Class-A 12,059 SF center delivers a stabilized NOI of $454,852 at a 6.07% cap rate, offering an immediate, passive yield with zero near-term rollover exposure. The center is securely anchored by Action Behavior Centers (ABA Therapy for Autism), a leading national corporate operator occupying 7,114 SF (59% of GLA) on a NNN lease extending through September 2035. Because ABA therapy relies on insurance-reimbursed, medically necessary services, this anchor provides a deeply insulated, recession-resistant cash flow foundation. Complementing the medical anchor is a resilient daily-needs mix: Cheer Land Play & Party (3,518 SF on a 10-year lease) and Tropical Smoothie Café (1,443 SF) featuring a high-volume dedicated drive-thru lane. All three tenants operate under hands-off NNN leases with full CAM expense reconciliation, hedge-protected against inflation via contractual 2.0% to 2.5% annual rental escalations. Geographically, the plaza commands an irreplaceable retail footprint directly across from a high-volume Walmart Supercenter and sits at the nexus of Melissa's premier commercial expansion corridor, immediately adjacent to future H-E-B and Kroger developments. The immediate 1-mile trade area reflects explosive residential development, with the population nearly doubling from 16,632 in 2020 to over 31,400 in 2024, boasting an affluent local median household income of $137,316. With over $891,000 in tenant improvement capital collectively injected into the building, the tenancy demonstrates deep, long-term operational commitment to the location. Positioned in a state with no state income tax, Legacy Ranch Plaza represents a pristine defensive acquisition for 1031 exchange capital.
Investment highlights
- 100% Leased, Recession-Resistant Tenancy: Anchored by a corporate-guaranteed medical tenant (Action Behavior Centers) occupying 59% of GLA through 2035, flanked by synergistic experiential child entertainment and a drive-thru quick-service restaurant.
- Irreplaceable Retail Location: Positioned directly on McKinney St (SH-5) with 28,425 VPD, sitting directly across from a high-traffic Walmart Supercenter and surrounded by premium anchors like H-E-B and Kroger.
- Phenomenal Immediate Demographics: Features a wealthy 1-mile median household income of $137,316, situated in a hyper-growth residential market where the local population grew by nearly 90% in a four-year span.
- Completely Hands-Off Net Lease Structure: Pure NNN lease formats require tenants to pay all taxes, insurance, and common area maintenance costs, leaving ownership completely passive and free of day-to-day management burdens.
- Contractual Revenue Growth: All three tenant leases contain guaranteed 2.0% to 2.5% annual rental bumps, providing an effective, automatic hedge against inflation.
- Substantial Tenant Capital Investment: Over $891,672 in total tenant improvements have been built into the facility, significantly lowering future rollover risks and locking in tenant stickiness.
- No State Income Tax: Located in Texas, optimizing after-tax returns and simplifying asset management for out-of-state 1031 exchange capital.
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