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EXECUTIVE SUMMARY - LoopNet...Americana Bingo is one of the Rio Grande Valley’s most active bingo...

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EXECUTIVE SUMMARY 1900 S 23rd St. McALLEN, TEXAS
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Page 1: EXECUTIVE SUMMARY - LoopNet...Americana Bingo is one of the Rio Grande Valley’s most active bingo halls with prizes averaging $10,000 in gifts every night. The bingo hall chose this

E X E C U T I V E S U M M A R Y

1900S 23rd St.M c A L L E N , T E X A S

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JLL is pleased to offer for sale a fee simple interest in 1900 S. 23rd St.

(the “Property”), a 43,384 square foot retail center encompassing 4.68

acres on the southwest corner of Colbath Avenue and S. 23rd St. The

Property is located at a primary north and south thoroughfare in the

rapidly expanding market of McAllen, TX. The Property benefits from

having visibility to over 25,000 vehicles per day and proximate access

to Highway 83 which has an average of 106,836 vehicles traveled per

day. With occupancy at 86.5%, 1900 S. 23rd St. offers investors a rare

opportunity to acquire irreplaceable real estate in the submarket at an

attractive basis with immediate upside and below market rents.

THE INVESTMENT OPPORTUNITY

PROPERTY SUMMARY

Address 1900 S. 23rd St. McAllen, TX 78503

Occupancy 86.5%

Gross Leasable Area 43,384

Land Area 4.68 acres

Parking 201 Spaces (4.6/1000 SF)

Traffic Count S. 23rd St: 19,493 (VPD) Colbath Ave: 4,735 (VPD)

Year Built / Renovated 1977 & 2004

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FINANCIAL SUMMARY

In-Place NOI: $395,583

Year 1 NOI: $399,345

Year 5 NOI: $529,472

NOI Growth (Year 1 to Year 5) 32.6%

Wtd. Average In-Place Rent: $11.59

Wtd. Average Market Rent: $14.10

Wtd. Average Lease Term: 6.7 Years

5-Year CAGR: 7.3%

10-Year CAGR: 6.5%

Percent Below Market: 18%

TENANT SUMMARY

Tenant NRA % of Property

CSL Plasma 11,890 31.69%

VIGA Restaurants 4,180 11.14%

Fred Loya Insurance 1,950 5.20%

Manuel Ramirez 7,800 20.79%

Bingo Hall 11,700 31.18%

Total: 37,520 100.00%

NET OPERATING INCOME

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029$380,000

$430,000

$480,000

$530,000

$580,000

$630,000

TENANT MIX

20.7%Home-goods

31.2%Medical

Entertainment

11.2%Food &Beverage

31.7%

5.2%

Financial Planning

31900 S 23RD ST

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VALUE ADDED THROUGH THE LEASE UP OF

REMANING VACANCY

The Property is currently 86.5% occupied and

gives investors the immediate opportunity to

increase NOI by nearly $85,000 via the lease

up of 6,000 square-feet of vacant space.

Additionally, the Property’s NOI is projected to

grow by 40% (4.6% CAGR) over the next 10 years.

“INTERNET RESILIENT” TENANCY

1900 S. 23rd Street has a mix of local,

regional, and national tenants that are service-

oriented, and destination based. The center is

comprised of approximately 37% restaurant/

entertainment, 27% medical, 18% home

furnishing and 5% financial services. 1900 S.

23rd St. is a destination retail center where

the service tenants drive constant traffic

throughout the day.

RAPID POPULATION GROWTH

Population within a one mile radius has increased

30% since 2000; momentum continues as the

area has witnessed an annual growth rate of

1.5% - 2%. International trade and commerce

between Mexico and the United States has

contributed to McAllen’s growing population.

This compares favorably to the national average

of 0.9% per year.

BELOW MARKET RENT

The Property’s weighted average in place

rent is $10.61/PSF, or 20% below market rent.

New ownership will have the ability to add

significant value over time by rolling rents

to market. This is a very attractive metric to

investors when evaluating an 86.5% leased

shopping center where value creations can

be limited.

INVESTMENT HIGHLIGHTS

41900 S 23RD ST

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PROXIMITY TO KEY INFRASTRUCTURE

1900 S. 23rd Street benefits from direct access to Hwy 83

(106,836 VPD), one of the most heavily traveled highways in

McAllen and is the gateway to the city’s most popular retail and

entertainment attractions (La Plaza, Trenton Crossing, Palms

Crossing, McAllen Convention Center, and the International

Museum of Arts and Sciences). The Property benefits greatly from

the traffic generated by McAllen International Airport which is

located less than one mile away as well as the US-Mexico border,

located only three miles away.

HIGHWAY 83, McALLEN AIRPORT, US-MEXICO BORDER

INVESTMENT HIGHLIGHTS

51900 S 23RD ST

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The property features a complimentary mix of experiential retailrs that cater to the surrounding

demographic. An all encompassing tenant mix occupies the Property, including fast casual restaraunts,

full service restaurants, and multiple professional service tenants.

E-COMMERCE RESISTANT TENANT MIX

Tenant Type SF % of GLA Rent Remaining Term

Restaurant/Entertainment 15,880 43% $184,710 4.3 Years

Medical 11,890 32% $107,010 14.4 Years

Home-Goods 7,800 20% $114,000 2.7 Years

Financial Services 1,950 5% $29,250 4.6 Years

Total 37,520 100% $434,970 6.8 Years

PERCENTAGE OF GLA

RESTAURANT & ENTERTAIN

ME

NT43%

32%

20%

5%

MEDICA L

H O M E - GOODS

FINANCIA L S E RVICES

61900 S 23RD ST

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Thigpen-ZavalaElementary School

Thigpen-ZavalaElementary School

McAllenInternational Airport

McAllenInternational Airport

McAllenCity HallMcAllenCity Hall

US HWY 83 - 106,836 VPD

US HWY 83 - 106,836 VPD

S 23rd St - 19,493 VPD

S 23rd St - 19,493 VPD

Texas Air Companyof South Texas

Texas Air Companyof South Texas

La EsquinaDel Taco

La EsquinaDel Taco

El ToroEl Toro

BentsenTower

BentsenTower

Casa De PalmasRenaissance Hotel

Casa De PalmasRenaissance Hotel

ChaseTexas Tower

ChaseTexas Tower

La Plaza MallLa Plaza Mall1900S 23rd St.M c A L L E N , T E X A S

McAllenInternationalAirport Park

McAllenInternationalAirport Park

SUBMARKET GROWTHMcAllen, TX is experiencing substantial new economic development. Net absorption has outpaced net completions for six consecutive months and is forecasted to continue

throughout 2019, in addition, retail vacancy rates have reached a record low (5.5%). McAllen is located on the border between the United States and Reynosa, Mexico

creating a binational metro; the city’s central location in the Rio Grande Valley has allowed it to become an economic powerhouse.

MEDICA L

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C O L B AT H A V E N U E

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SITE MAP

PROPOSEDPAD SITEapprox. 3,808 SF

81900 S 23RD ST

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FRED LOYA INSURANCEWebsite fredloya.com

Public Private

What started with a single store front in El Paso Texas in 1974 has grown to be

the 18th Largest Hispanic Top 500 Owned and Operated Company in the United

States. Fred Loya has retained the reputation as one of the fastest growing

auto insurance groups in America - with 526 agencies throughout Texas,

California, New Mexico, Colorado Georgia, Nevada, Indiana, Alabama, and

Arizona. Headquartered in Oxnard, California, the company has now provided

opportunities to over 10,000 employees.

VILLA DEL MAR RESTAURANT

Website carneysmariscos villadelmar.com

Owned and operated by the Villarreal-Garza family for over 30 years, Villa Del

Mar has built a significant and incomparable reputation in the Rio Grande Valley

by preserving a unique and original Mexican flavor to each dish. Their desire

for quality has permitted the expansion of 7 locations in Texas: Mission, Pharr,

Palmview, Alton, McAllen and Edinburg, maintaining its first location in its

native Reynosa Tamaulipas Mexico. The effort, passion and dedication that have

characterized Don Homaro and his family, has made “Villa del Mar” a favorite in

the Texas Valley area.

*Tenant plans to renew for an additional 3 years.

TENANCY OVERVIEW

91900 S 23RD ST

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CSL PLASMAWebsite cslplasma.com

Public Private

Founded in 1998, CSL Plasma is one of the world’s largest collectors of human

plasma. The organization ensures that tens of thousands of people with rare

and serious diseases are able to live normal, healthy lives. Supported by parent

company CSL Behring, the global leader in plasma protein biotherapeutics,

CSL Plasma has more than 200 locations globally, paired with over 100 years

of experience in the development and manufacturing of vaccines and plasma

protein biotherapies. With major facilities in Australia, Germany, Switzerland

and the US, CSL has over 22,000 employees working in 27 countries.

AMERICANA BINGO

Website rgvbingo.com/ americana-bingo

Public/Private Private

Americana Bingo is one of the Rio Grande Valley’s most active bingo halls with

prizes averaging $10,000 in gifts every night. The bingo hall chose this location

due to its proximity and ease of access to and from Highway 83. RGV Bingo is

the parent company that operates four bingo halls in the Rio Grande Valley, all

of which are within a quarter mile of Highway 83. This location is well spaced

from others and serves the western portion of the Rio Grande Valley, with the

closest location nearly 8 miles to the east of the subject Property.

TENANCY OVERVIEW

101900 S 23RD ST

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RAMIREZ FURNITUREWebsite ramirezfurniture.com

Public Private

Ramirez Furniture is a family owned company located in McAllen, TX. The

organization was established in 2012 and has built an incredible reputation in

the Rio Grande Valley due to the quality and affordability of their product. The

company has been established for approximately 7 years and has historically

generated over $1.1 million in annual revenue. With little competition in the

immediate retail corridor, Ramirez furniture has remained the dominant

furniture store and has an implemented growth strategy to expand their brand.

TENANCY OVERVIEW

111900 S 23RD ST

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ECONOMIC OVERVIEW McAllen’s economic success is driven by a

highly diversified economy, pro-business

environment, low cost of living and housing,

low corporate tax structure, as well as

robust educational and cultural amenities.

McAllen, located only eight miles from the U.S.-Mexico border, is strategically positioned at the

center of the Rio Grande Valley and provides a direct connection between the international and

U.S. markets. The economic development council has made tremendous efforts to enhance McAllen

with great amenities and community development projects. Integral parts of McAllen’s economy

are visitors and investors who expand the trade area to Reynosa and Monterrey along with other

cities located in northern Mexico. Reynosa, according to the Census of 2010 had a population of

608,891. Monterrey, the second most important economic zone in Mexico, had more than 4 million

in population according to the 2010 Census. This trade area in Mexico is less than a 2-hour drive

from McAllen, which helps explain the economic benefits that Hispanic shoppers bring to the area.

Today, McAllen is being transformed into a major international trade area with the development

of first-rate commercial, retail, industrial, medical, retirement and higher education institutions.

The promotion of international and retail trade, manufacturing and education are among the most

successful along the U.S.-Mexico Border.

Accolades

• Ranked one of the top 20 places to start a business - CNBC

• 5th best city to live in with a $100k salary - Fortune

• McAllen MSA ranks 1st in job creation at a state level – Real Estate Center

1# ACTUAL retail sales per household among Texas cities

1# American cities where $1 Million goes the furthest after retirement

1# Boomtown cities of rising salaries

3# Best City for Future Growth

7# Safest City in America

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KEY INDUSTRIES

McAllen ranks # 1 among Texas cities in ACTUAL retails sales per household (Claritas).

Known as the retail center of South Texas and Northern Mexico, McAllen draws

from a consumer base of over 10 million people. The Rio Grande Valley’s retail

sector has become the driving force in McAllen’s economy, growing an impressive

138% over the last 10 years, to over $7.1 billion and employing 27% of the workforce.

McAllen consistently generates more than 18 million visitors annually, as a result,

many national retailers located there are among the most profitable stores in their

chain.

RETAIL TRADE

Since the 1980’s, manufacturing has been considered the backbone of the

McAllen/Reynosa International Metro as a cluster of Tier I and Tier II automotive

suppliers are headquartered in the region. The International Metro features 29

industrial parks, companies such as TI Automotive, Delphi Teck, and Panasonic,

with a manufacturing labor force of 136,000 paired with a young and growing

population with a median age of only 29 years. South Texas College supports the

manufacturing industry with specialized labor by offering the only FESTO certified

training program in the U.S. which features PLC and automation systems, as well

as Robotic Welding.

AUTOMOTIVE MANUFACTURING

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

BBB Industries

ZF Automotive

Alps Alpine

TI Automotive

Panasonic Electronic Devices

Panasonic Automotive Devices

Aptiv

Cequent Group

GSR

Valeo Electronics

Standard Motor Products

ABC Automotive

Kongsberg Automotive

Shin Etsu Polymer Mexico

Kevin Liebers

2019 Top Automotive Manufacturers by Employment

The city of McAllen is laying the foundation to transform the region into a Medical

Research Hub. The area is currently home to Doctors Hospital at Renaissance

Health System, Rio Grande Regional Hospital, South Texas Health System, and

UnitedHealth Group. The healthcare industry currently employs over 31,000

medical staff professionals in McAllen. In 2016 the University of Texas Rio Grande

Valley School of Medicine opened with 55 first year medical students and in 2019

DHR Research Institute opened an 83,000 sq. ft. state of the art research facility.

MEDICAL RESEARCH

Award Winning Services

• America’s 100 Best Cardiac Care — 2017, 2018, 2019

• America’s 50 Best Cardiac Surgery — 2017, 2019

• America’s 100 Best Coronary Intervention — 2017, 2018

• Cardiac Care Excellence Award — 2017, 2018

• Cardiac Surgery Excellence Award — 2017, 2018

• Coronary Intervention Excellence Award — 2017, 2018

• Five-Star Recipient for Coronary Bypass Surgery — 2017, 2018

• Five-Star Recipient for Valve Surgery — 2010-2018

• Five-Star Recipient for Coronary Interventional Procedures — 2017, 2018

• Five-Star Recipient for Treatment of Heart Attack — 2014-2018

Strategically located just across the border from Mexico and between two

international bridges, McAllen’s fresh produce industry has grown over the years.

In 2018 the region imported over 2 million tons of fresh produce from Mexico.

McAllen has become the #1 land port for fresh produce imports and the region is

a member of Texas International Produce Association (TIPA).

COLD STORAGE FOOD PROCESSING

• #1 land port for fresh produce imports from Mexico

• 2 million tons of fresh produce imports from Mexico in 2019

• Over 160,000 loads of fresh produce cross the border annually

131900 S 23RD ST

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Located on the border between the United States and Reynosa, Mexico – McAllen has become the economic powerhouse of the Rio Grande Valley. In the past, the only

option for transporting goods into the United States were choosing between the East and West coast. Today, McAllen-Reynosa offers an alternative solution known

as the “Third Coast”, which excludes the middleman and drastically reduces cost. Traditionally, there has always been issues importing goods due to layovers and the

costs associated with paying for new transits. Inflated costs have been reduced by 25% with the implementation of new transcontinental highways south of the boarder

which has made importing products most viable for global companies. The emerging global economy depends on faster, cheaper and more efficient routes of trade and

distribution; McAllen-Reynosa is at the forefront of this exciting new frontier.

STRATEGIC LOCATION

McAllen is one of the nation’s fastest growing MSAs with close to 1 million

residents, a 36% increase since 2000 (1.5% - 2% population growth rate per year)

and is the 5th most populous metropolitan area in the state of Texas (49th in the

country). The southern portion of the Borderplex include three cities that add an

additional population count to the region – Matamoros, Rio Bravo and Reynosa all

contribute an at least 2.7 million to the population bringing the total to 4 million

residence.

FAST GROWING POPULATION

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2017 2020 2030 2040

McAllen Population Growth

The Center for Regional Economic Competitiveness consistently ranks McAllen

number one or two for having the lowest Cost of Living Index in the country; this

means that the overall cost of doing business in McAllen is well below the national

average. Because McAllen has the lowest cost of living in the country, businesses

are able to keep their cost of labor down. Proportionately, this gives the workforce

in McAllen a higher disposable income.

AFFORDABLE COST OF LIVING

85.3 92.9 94.5 98.293.8 93.7 97.4 99.5

106.75

148.3 153.5

75.975.9

Cost of Doing Business (100% Composite Index)

FORECASTED DATA

WHY McALLEN

141900 S 23RD ST

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WHY McALLEN

The Rio Grande Valley and the city of McAllen are positioned at a strategic location

referred to as the “NAFTA Highway” which connects the North American continent.

The location has influenced a great portion of McAllen’s economic growth and has

influenced the infrastructure activity on a local, regional, and international economic

perspective. Highway infrastructure, bridge crossing, air transportation, public

transportation railroads and general construction have been the focus of community

growth and infrastructure development. The region is home to 3 major interstates/

highways, 7 airports, 11 International Bridges, 4 rail roads, and 1 seaport.

INFRASTRUCTURE

• Air Transportation - McAllen has emerged as a regional air transportation center

serving the 4th fastest growing metropolitan area in the United States. The

McAllen International Airport offers non-stop service to Houston, Dallas-Fort

Worth, Mexico City, Las Vegas and seasonal service to Los Angles, California and

Orlando, Florida, via American, United, Aeromar and Allegiant Air. Built in 1993 and

remodeled in 2015, the terminal is roughly 138,000 square feet and serves over 2.5

million visitors a year.

• Automotive - In November 1996 the 1996-2016 Rio Grande Valley Mobility Plan

was adopted by the Hidalgo, Brownsville, and Harlingen/San Benito Metropolitan

Planning Organizations (MPO’S) and presented it to the Texas Department of

Transportation for implementation. The Mobility Plan provides for the maximum

amount of mobility for the residents and visitors within the urbanized areas of the

Valley. It recognizes the importance of adequate links to destinations outside the

area, especially international. This is important to Texas and the nation because

NAFTA has transformed the region into a major international hub for cross border

trade. The Pharr Reynosa bridge is now the #1 border crossing for Agricultural

product from Mexico.

• Railroad - Railroads Rio Valley Switching Co. maintains daily freight service out

of Hidalgo County. It started operating in March 1993. Rio Valley Switching Co.

has 49 miles of track, running from Harlingen to Mission and a branch to the

McAllen Foreign-Trade Zone. Rail service in Mexico aboard Ferrocarriles Nacionales

de Mexico, the national railway company, includes a passenger train serving

Matamoros and Reynosa, Mexico, and continuing to Monterrey, Mexico. Same-day

connections to Mexico City can be easily made in Monterrey.

YOUNG & GROWING WORKFORCE

Source (US Workforce): Texas Workforce Commission, Texas Labor Market Review, May 2019

Source (Mexico Workforce): Instituto Nacional de Estadistica y Geografia (INEGI), Conteo de Poblacion y Vivienda

RIO GRANDE VALLEY’S INFRASTRUCTURE PROJECTS

151900 S 23RD ST

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The McAllen retail market has remained strong with vacancy rates at an all-time low of

5.5%. Although construction activity has elevated, absorption levels are healthy as most

of the space being delivered has already been accounted for. The market has witnessed

positive rent growth as job supply continues to outpace the national average providing

consumers with an increased amount of disposable income.

The Property is located in McAllen’s southeast retail submarket, which is currently

experiencing vacancy rates at 4.4% and year over year rent growth of 2% as of the 2nd

quarter of 2019.

McAllen ranks #1 among Texas cities in ACTUAL retail sales per household (Claritas).

ABUNDANT INVESTMENT & FUTURE MOMENTUMMcAllen, TX has grown to be a premier investment vehicle for capital around the region

due to the area’s substantial population and commercial growth – a trend which is

expected to continue. The demographics and amenities are comparable to core locations,

as are the limited land for new development and strong momentum in McAllen’s retail

sector.

LOCATION OVERVIEW

161900 S 23RD ST

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Situated four miles west of Interstate 69, Las Palmas Shopping Center benefits from a premier McAllen location. Positioned in Hidalgo County, the City of McAllen is the

population center of the McAllen Metropolitan Statistical Area that includes McAllen, Edinburg, and Mission. Rated the seventh largest county in Texas with a combined

estimated population of nearly 1 million people, McAllen has quickly become the focal point for international trade and commerce between Mexico and the United States.

The growing McAllen community is represented by people and cultures from around the world, with an emphasis in retail, education, and healthcare.

PROPERTY SPECIFIC LOCATION ANALYSIS

McAllen Foreign Trade Zone(Six miles north of the “Property”)

The McAllen Foreign Trade Zone is the first inland non-seaport Foreign Trade Zone in the United States. Today, it consists of over 775 acres, and offers full-service logistics solutions to over 100 clients representing over 42 countries worldwide. More than 400 companies ranging from manufacturing, industrial, logistics, etc. have operations in McAllen. Included among them are: Black & Decker, BMW, Delco, Emerson, GE, Whirlpool, and more.

McAllen Medical Center(Four miles south of the “Property”)

Located just over 3 miles northwest of Las Palmas Shopping Center is McAllen Medical Center. Opened in 1919, the 441-bed hospital specializes in advanced wound care, maternity, neurosurgery, and orthopedics. McAllen Medical Center is the only certified primary stroke center in Hidalgo County, and the regions only designated advanced level III trauma center.

University of Texas Rio Grande Valley(Six miles north of the “Property”)

The University of Texas Rio Grande Valley is home to approximately 27,000 students each year with over 120 undergraduate and graduate programs. A study conducted in July of 2018 revealed that the institution’s spending created 12,580 jobs and an overall economic impact of $1.3 billion to the Rio Grande Valley economy.

South Texas College(One mile southwest of the “Property”)

South Texas College, is home to approximately 34,000 students with over 120 degree and certificate programs. The Campus supports a staff and faculty of more than 2,700 that serve five campuses, two higher education centers, and one virtual campus.

ECONOMIC DRIVERS TOP PROPERTY PLAYERS

Killam Development Laza Rincon

Weingarten Realty Investors McAllen Foreign Trade Zone

Bay Grove Capital LLC TCP Realty Services, LLC

NewQuest Properties Dromoland Properties, LLC

Washington Prime Group, Inc. BH Properties LLC

O'Connor Capital Partners Levcor, Inc

Acadia Investments

171900 S 23RD ST

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PROPERTY SPECIFIC LOCATION ANALYSIS

La Plaza Mall(Three miles south of the “Property”)

La Plaza Mall is the leading shopping, dining, and entertainment destination for the entire Rio Grande Valley and features over 1.2 million square feet of upscale and mainstream retail space. The Mall is anchored by Dillard’s, JCPenney, and Macy’s. La Plaza recently completed an expansion which added 245,000 square feet of retail space that now house an additional 40 retailers including H&M, Kendra Scott, and Zara. Located less than five miles from Vintage Square, La Plaza Mall is at the intersection of Tenth Street and I-2, just five miles from the U.S. – Mexico border.

Trenton Crossing(Three miles northeast of the “Property”)

Trenton Crossing has several large national retail stores including Target, Kohl’s, Ross, Marshall’s, and Old Navy. Specialty stores in the center include PetSmart, Hobby Lobby, and Best Buy. In addition to retail, the shopping centers have numerous dining spots such as Olive Garden, Chick-fil-A, and Logan’s Roadhouse.

Palms Crossing(Three miles southwest of the “Property”)

Palms Crossing Shopping Center consists of half a million square feet of retail space featuring various tenants including Barnes & Noble, DSW Shoe Warehouse, Guitar Center, Bealls, BJ’s Restaurant, Buffalo Wild Wings, P.F. Changs and more.

McAllen Convention Center(Two and a half miles southwest of the “Property”)

The McAllen Convention Center was designed to capture the elements of its surroundings, with bicultural themes and tropical accents. The 18.5 acre complex features 60,000 square feet column-free exhibit hall and over 25,000 square feet of meeting space in four ballrooms and up to 16 breakout rooms. In addition, the center offers world class shopping and entertainment from exotic restaurants, arena basketball, and live concert.

International Museum of Arts and Science(Four miles south of the “Property”)

The International Museum of Art and Science, a Smithsonian affiliated and accredited by the American Association of Museums is the premiere art and science museum of South Texas. The Museum provides visitors the opportunity to view original works of art and participate in hands-on science exhibits. The International Museum maintains a permanent art collection that includes European paintings from the16th to 19th century.

RETAIL & ENTERTAINMENT

181900 S 23RD ST

Page 19: EXECUTIVE SUMMARY - LoopNet...Americana Bingo is one of the Rio Grande Valley’s most active bingo halls with prizes averaging $10,000 in gifts every night. The bingo hall chose this

Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has prepared this confidential loan submission (“Confidential Loan Submission”), which contains brief, selected information pertaining to the business and affairs of the Property. This Confidential Loan Submission does not purport to be all-inclusive, nor does it purport to contain all the information which a prospective lender may desire. None of the Borrower/Owner, JLL, or any of their respective equity holders, officers, directors, employees or agents makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this Confidential Loan Submission or any of its contents. JLL, together with its equity holders, officers, directors, employees and agents, disclaim any liability that may arise from, be based upon or related to the use of the Confidential Loan Submission. The information contained in the Confidential Loan Submission is subject to change without notice. © 2019. Jones Lang LaSalle IP, Inc. All rights reserved.

Investment Advisory:

JOHN [email protected]

DREW [email protected]

JOHN TAYLORManaging Director512.532.1950 [email protected]

MARCUS [email protected]

ETHAN [email protected]

9 Greenway PlazaSuite 700Houston, TX 77046

713.852.3500713.527.8725


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