Fair Oaks Plaza
Retail | 7.30% CAP | 82,923 SqFt
Marketing description
Fair Oaks Plaza is a value-add retail center located in Fort Worth, Texas, in the River Oaks / West Fort Worth submarket. The property offers a unique investment opportunity with below-market rents averaging $5.65 per square foot, while competing retail in the immediate area is leasing at $18-$20 per square foot. The center features a mix of gross and NNN leases with the ability to convert to NNN over time, and is priced at only $90 per square foot, well below replacement cost.
The property benefits from a growing and improving trade area, with the River Oaks / West Fort Worth submarket continuing to experience residential growth and redevelopment. This strengthens long-term demand for local retail services, with over 226,000 people in an immediate 5-mile radius. The center demonstrates tenant longevity and stability, with several tenants having operated at the property for extended periods of time, supported by traffic of over 23,000 vehicles per day along River Oaks Boulevard.
Investment highlights
- Value Add Retail Center: Below Market Rents - Average Rental Rate of $5.65 Per Square Foot | Competing Retail is Leasing at $18-$20 in the Immediate Area | Mix of Gross & NNN Leases | Ability to Covert to NNN Over Time | Priced at Only $90 Per Square Foot - Well Below Replacement Cost
- Growing & Improving Trade Area: The River Oaks / West Fort Worth Submarket Continues to Experience Residential Growth and Redevelopment | Strengthening Long-Term Demand for Local Retail Services | Over 226,000 People in an Immediate 5-Mile Radius (Costar)
- Tenant Longevity & Stability: Several Tenants Have Operated at the Property for Extended Periods of Time | Demonstrating the Locations Ability to Support Long-Term Occupancy | Traffic Generated by Over 23,000 Vehicles Per Day Along River Oaks Blvd
- Complimentary Tenant Mix: Synergistic Mix of National and Local Tenants | Service Oriented Tenant Mix that Drives Foot Traffic | Creates Natural Cross-Shopping Between Businesses
- Recent Roof Replacement: Roof was Replaced Within the Last 3 Years | Reducing Near Term Capital Expenditures for New Ownership
- Other National Retailers Include: Walmart, McDonalds, Subway, QuikTrip, Whataburger, Dollar Tree, Metro by T-Mobile, AutoZone, Planet Fitness, KFC, Panda Express, Advance Auto Parts & Many More...
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