Bridwell Shopping Center
Bridwell Shopping Center is a 69,874 SF value add retail center with below market average rents and an undeveloped 0.48 acre pad near Walmart Supercenter located within a strong retail corridor along Highway 243 in Canton, Texas. Situated on 8.41 acres of land, the Property is approximately one hour east of the Dallas Fort Worth Metroplex. Bridwell Shopping Center is 75.85% leased to a complementary mix of service and restaurant tenants including UT Health East Texas, Anytime Fitness, Hibbett Sports, Quality Home, Rehabilitation Hospital, Chen's Buffett and Luxury Nails & Spa amongst others. Rents average just $9.83 PSF which are at or below market for comparable retail space creating potential long-term upside in rent growth. Further upside exists in leasing existing vacancies and converting existing gross leases to NNN. As a testament to the strength in the submarket and location, UT Health East Texas recently signed a 5-year lease extension through October 2027. Additionally, 7 of the 11 current tenants comprising 42,349 SF have been located at Bridwell Shopping Center for at least 10 years. National retailers in close proximity include Walmart Supercenter, Brookshire’s, CVS Pharmacy, Burkes Outlet, Tractor Supply Co., Dollar General, Dollar Tree, T-Mobile, AT&T, Murphy USA, O’Reilly Auto Parts, Sally Beauty Supply & Applebee’s amongst others. Offered at an attractive 8.42% pro forma cap rate, the Property is priced significantly below replacement costs at $98.28 PSF.