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Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Key Facts

Year Built 2001
Building Area
Land Area ()

Property Description

JLL is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant, leased property leased to Michaels Stores, Inc. in Texarkana, TX. Michaels has been in operation at this location since 2001, demonstrating an identity in the area. After signing their most recent Lease extension, there are more than 3 years remaining on the lease with one (1), five (5) year option remaining. The property is situated just steps away from I-30, the major east-west highway in the region connecting to Little Rock, AR to the northeast and Dallas, TX to the west. 


Michaels benefits from the strong retailers that surround the property. The Central Mall features anchor tenants such as Dillard’s and JCPenney. In addition, other outparcels such as Outback Steakhouse, ULTA Beauty, Chili’s Grill & Bar, Olive Garden and Books-A-Million are able to attract customers from an expansive trade area. As the only enclosed regional mall for nearly 80 miles, coupled with its immediate access to I-30, the property is able to benefit from more than 300,000 residents within a 50-mile radius who earn average household incomes of nearly $60,000. 

Investment Highlights

  • The Texarkana trade area is the largest retail hub between Dallas and Little Rock, Arkansas – located 175 miles northeast of Dallas and 145 miles southwest of Little Rock, along the I-30 corridor
  • I-30, a main interstate corridor that stretches from Fort Worth, TX to Little Rock, AR by way of Texarkana and carries more than 77,000 VPD, runs adjacent to the mall allowing for excellent visibility and access to Michaels
  • Texarkana College, home to roughly 5,000 undergraduate students and faculty members, is less than one mile from the properties, creating a significant consumer draw
  • A strong selection of national retailers such as Target, Sam’s Club, The Home Depot, Walmart, CVS Pharmacy, Chick-fil-A, PetSmart, Best Buy, and Kohl’s are all within close proximity, further driving consumers to the area
  • Located in Texarkana, Bowie County, Texas, the Property falls within the Texarkana Metropolitan Statistical Area (MSA), which is home to over 153,000 residents


Last Updated Date: 26 Nov 2020
Marc Mandel
Managing Director, Capital Markets
Steve Schrenk
Director, Capital Markets

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Last Updated Date: 26 Nov 2020

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