Fair Oaks Plaza
DFW Value Add Shopping Center | 7.4% Cap Rate | Low PSF
Marketing description
Fair Oaks Plaza is a value-add retail center offering significant upside potential in the growing River Oaks/West Fort Worth submarket. The property features below-market rents with an average rental rate of $5.65 per square foot, while competing retail is leasing at $18-$20 in the immediate area. The center offers a mix of Gross and NNN leases with the ability to convert to NNN over time and is priced at only $60 per square foot, well below replacement cost.
The property benefits from a strategic location in a trade area with over 226,000 people within a 5-mile radius and traffic generation of over 23,000 vehicles per day along River Oaks Blvd. The center features a complimentary tenant mix of national and local tenants with a service-oriented focus that drives foot traffic and creates natural cross-shopping between businesses. Several tenants have demonstrated long-term stability by operating at the property for extended periods of time.
Recent capital improvements include a roof replacement within the last 3 years, reducing near-term capital expenditures for new ownership. The property is positioned among other national retailers including Walmart, McDonalds, Subway, QuikTrip, Whataburger, Dollar Tree, Metro by T-Mobile, AutoZone, Planet Fitness, KFC, Panda Express, Advance Auto Parts and many more.
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 $60 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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