Property Name

Killeen Retail Center I




GLA 16,737 SF

Percent Leased 89% Leased

Property Description

Killeen Retail Center I is a 16,737 SF shopping center located in the rapidly growing Central Texas submarket of Killeen, Texas.  Positioned approximately 45 minutes south of Waco and one hour north of Austin, the Property boasts a regional location at the northeast corner of US Highway 190 (East Central Texas Expressway) and South WS Young Drive as an outparcel to Killeen Mall.  Killeen Retail Center I is situated in a dense retail corridor with over 5,700,000 SF of retail GLA in a two mile radius.  Additionally, the Property benefits from close proximity to Fort Hood, the largest active duty U.S. military base in the world and major economic driver in Central Texas.  Killeen Retail Center I is 89.25% leased to a complementary mix of tenants including Stanton Optical, Sally Beauty Supply, Luxia Jewelry, Kairos Hair Salon and NG Nails among others. Sally Beauty Supply has been a tenant at the Property for more than 34 years. The weighted average base lease term expiration is March 2027. There is one (1) remaining vacancy of 1,800 SF.  Rents at the Property average just $24.04 PSF NNN while new construction shop space in Killeen is quoting between $30.00 - $40.00 PSF NNN and has reached low $50’s PSF in some cases, allowing long term upside in potential rent growth.  6 of the 7 current tenants have no remaining renewal options which allows an investor the opportunity to increase rents to market rates upon lease expirations.  Killeen Retail Center I is priced at an attractive 8.00% cap rate which is below replacement cost at $260.38 PSF.


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