TARRANT PARKWAY COMMONS
TARRANT PARKWAY COMMONS | SPROUTS & MICHAELS | 56k+ SF | Two-Tenant Free-Standing Bldg. | 2.8M Annua
Marketing description
Disney Investment Group, on behalf of the ownership, has been exclusively retained to offer the opportunity to acquire Tarrant Parkway Commons (the “Property”), a premier 56,722 square-foot neighborhood shopping center located in Keller, Texas.
The free-standing Property is 100% leased to two nationally recognized tenants, Sprouts Farmers Market and Michaels, providing investors with stable cash flow and a complementary mix of grocery and specialty retail uses. Strategically located at the signalized intersection of Hwy. 377 (Main Street) and North Tarrant Parkway, Tarrant Parkway Commons benefits from exceptional visibility, strong traffic counts, and direct access to one of the most affluent and rapidly growing trade areas in the Dallas/Fort Worth Metroplex.
This offering represents a rare opportunity for an investor to acquire a highly successful and shopping center anchored by best-inclass retailers in one of the strongest retail submarkets within the booming Dallas/ Fort Worth MSA.
Investment highlights
Sprouts-Anchored, Two-Tenant Center in Dallas/Ft. Worth.
At 100% leased, Tarrant Parkway Commons is a two-tenant 56,722 square foot free-standing building anchored by a well-established Sprouts Farmers Market (open since 2013) and Michaels has 24 years of historical tenancy (open since 2002). Michaels recently exercised its option early with a lease expiration of December 31, 3031 and a 13% rent increase on January 1, 2027 (currently paying $11.50/sf). Sprouts’ annual base rent is $15.00/sf with a lease expiration of July 31, 2028.
Cash Flow Stability with Low Basis.
With 100% of the rental income generated from national credit tenants, Tarrant Parkway Commons provides excellent predictable cash flow consistency and contractual rental growth throughout the remaining lease terms and options. Tarrant Parkway Commons could be acquired at a significant
discount to replacement cost (approximately $210-$220 per square foot).
Strong Traffic-Generating Shadow Anchors.
Located within the same shopping center, Kohl’s and Home Depot are shadow components of Tarrant Parkway Commons and provide significant additional traffic and customer draw to Tarrant Parkway Commons while creating high customer cross-shopping for Sprouts and Michaels. Additional shadow outparcels include Sonic and Buffalo Wild Wings.
Very Dense/Affluent Demographic Profile.
Tarrant Parkway Commons is located in Keller, Texas, a growing in-fill D/FW suburb that has seen its population increase 17% since 2010. Within a 1-mile and 3-mile radius of Tarrant Parkway Commons, average household income exceeds $139,607 and $145,216, respectively. Population within a 1-mile and 3-mile radius of the center exceeds 13,845 and 136,230 residents, respectively.
Captive Market with Limited Organic Grocery Competition.
Tarrant Parkway Commons benefits from a supply constrained commercial submarket with limited organic grocery store competition. The closest competing organic grocery stores are located at least 7 miles away (except for one Natural Grocers store) thereby insulating the center’s grocery component and ensuring the continued long-term success of Tarrant Parkway Commons.
Unencumbered Asset.
Tarrant Parkway Commons is being offered free and clear of any existing debt.
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