Lakes of Riata
Asking Price: $8,070,000
Net Operating Income: $560,163
Cap Rate: 6.94% (In-Place) / 7.12% (2024 In-Place Rents) | See Details on Transaction Summary Page
Busy daily needs shopping center, featuring national tenants such as: Shipley Do-Nuts, Anytime Fitness, Domino’s, etc.
- Busy daily needs shopping center, featuring national tenants such as: Shipley Do-Nuts, Anytime Fitness, Domino’s, etc.
- The Property features a drive-thru on the end cap for Shipley Do-Nuts & Coffeehouse, which draws significant customer traffic and enhances overall tenant synergy and crossover shopping throughout the center
- Ideally located along the heavily traveled, Barker Cypress Road (45,710 VPD), which is a main thoroughfare road in the area
- Leases are triple-net (NNN), whereby the tenant is responsible for paying and/or reimbursing the landlord for the property taxes, insurance, and common area maintenance (CAM), leaving Landlord with minimal responsibility (Ideal 1031 exchange asset)
- The property features the highest quality construction - Limited to no deferred maintenance
- Surrounded by new development - Down the street from Boardwalk at Towne Lake (New premier lifestyle / residential development)
- Affluent Trade Area - The average household income is over $138,648 within a 3 mile radius of the Property
- Excellent site configuration with coveted signage, access, and visibility along Barker Cypress Road
- Strong Tenant Synergy - The Property consists of daily needs shops (nails, dental, fitness, restaurants, etc), which have proven to be the most stable and e-commerce/recession proof retailers today