Property Name

University Plaza

Location

2125 West Washington Street
Stephenville, TX 76401

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Property Description

University Plaza is a 97,835 square foot neighborhood center located just over one hour southwest of the Dallas/Fort Worth Metroplex in Stephenville, Texas. Comprised of four buildings, the Property sits on 9.98 acres of land just off the intersection of US-377 (W. Washington Street) and N. Harbin Drive. University Plaza was renovated in 2006. Three of the buildings had new roofs replaced in 2016 with 15-year warranties while the Big Lots building had a new roof replaced in 2010 with a 15-year warranty**. The Property is 88.06% leased to Big Lots, Family Dollar, Jimmy John’s, Papa John’s, Merle Norman and Mi Familia Mexican Restaurant among other complementary users which include local favorites Back at the Ranch Boutique and Code Western. Rents average just $9.37 PSF NNN with an average lease expiration date of July 2021 and a staggered lease rollover schedule. Anchor tenant Big Lots recently renewed for a fresh five year option taking their lease through 2022. Additionally, five other tenants have signed new leases since January 2016. University Plaza is offered at an attractive 7.75% cap rate, well below replacement cost at $96.99 per square foot, with an 8.63% pro forma cap rate.

Status


In Escrow

GLA


97,835 SF

Percent Leased


88% Leased

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