Investment Highlights

LOCATED IN A DENSELY POPULATED AND GROWING TEXAS CORRIDOR
» High-visibility and easily accessible location along Dixieland Road (5,020 AADT) and interparcel access from West Lincoln Avenue (72,000 AADT)
» Immediate access to highly trafficked Texas thoroughfares, including Interstate 2 and Interstate 69 East (combined 181,067 AADT)
» Population of 97,563 within a five-mile radius of the location, creating a large customer base for the site
» Projected nine percent average household income increase within one-mile of the site in the next five years, poising Shops at Valle Vista and Harlingen for concurrent growth

100% LEASED MULTI-TENANT RETAIL-ASSET WITH SCHEDULED ANNUAL RENTAL INCREASES
» 100% leased multi-tenant retail asset featuring iconic corporate tenants
» Scheduled annual rental increases, providing a hedge against inflation
» Multi-tenant asset allows for investment diversification
» Complimentary mix of “Amazon-proof” retailers
» High-quality 2018 construction with double drive-thru component

ONE OF TWO TARGET-ANCHORED CENTERS SERVICING THE LOWER RIO GRANDE VALLEY
» Outparcel to one of only six Target locations in the central Rio Grande Valley, the first in the lower Rio Grande Valley, and one of 10 Targets servicing Texas south of San Antonio and Houston MSA’s
» Target location has been operational since 1980’s, demonstrating established long-term success at the site
» 2019 remodel inside and out – $2.5M
» 3rd quarter 2020 sales grew 20.7% for Target
» New construction T.J. Maxx scheduled to open 1st quarter of 2021 adjacent to the Shops at Valle Vista
» The property experiences a high daily influx of Mexican citizens who cross the border for shopping and leisure (daytime population of 107,476 residents within a five-mile radius)
» Prices for retail goods are typically higher in Mexican border towns than U.S. border towns due to import costs and Mexican supply chain limitations, significantly increasing traffic to the Shops at Valle Vista

Property Description

SOLD

The site is conveniently placed in a high-visibility and easily accessible location along Dixieland Road (5,020 AADT), with interparcel access from West Lincoln Avenue (72,000 AADT). The property has immediate access to highly trafficked Texas thoroughfares, including Interstate 2 and Interstate 69 East (combined 181,067 AADT). The site is located in a densely populated area, with a population of 97,563 within a five-mile radius of the location, creating a large customer base for the site. With a projected nine percent average household income increase within one-mile of the site in the next five years, the Shops at Valle Vista and Harlingen are poised for significant concurrent growth.

Visibility is increased by the site’s location in the heart of Harlingen’s primary shopping district between Valle Vista Mall and Harlingen Corners, which feature a combined 121 stores and one million square feet of retail space. The property is outparcel to one of only six Target locations in the central Rio Grande Valley and the first in the lower Rio Grande Valley. The Target location has been operational since 1980, demonstrating established long-term success at the site. 3rd quarter 2020 sales grew 20.7% for Target, as well. Additionally, a new T.J. Maxx is scheduled to begin construction adjacent to the Shops at Valle Vista. The site experiences a high daily influx of Mexican citizens who cross the border for shopping and leisure, with a strong daytime population of 107,476 residents within a five-mile radius. Prices for retail goods are typically higher in Mexican border towns than U.S. border towns due to import costs and Mexican supply chain limitations, significantly increasing traffic to the Shops at Valle Vista.