Lake Vista Shopping Center
Lake Vista Shopping Center is a 21,298 square foot retail asset located within a thriving corridor of Highway 121 (Sam Rayburn Tollway) adjacent to Interstate 35E in Lewisville, Texas. The Property includes an undeveloped 1.23 acre pad site (overall Property is 3.67 acres inclusive of the pad site), as well as a Clear Channel two-sided digital billboard fronting Highway 121. Lake Vista Shopping Center is 100% leased to a complementary mix of tenants which includes The Wild Turkey Restaurant, Tiff’s Treats, Infinity Smile Center, Lewisville Salon Suites and Spa, Liquor King and USCR Taekwondo. Four of the seven tenants experience rent bumps during their current lease terms. Base rents average just $21.40 per square foot which are at or below market for comparable retail space allowing for long term upside in rent growth. Retail tenants in the immediate area to the north are paying over $30.00 per square foot NNN. Meaningful upside opportunity exists in The Wild Turkey lease (4,773 square feet) as the tenant is paying only $22.63 per square foot gross and expires in February 2020. Offered at an attractive 7.50% cap rate, the Property is priced near replacement cost at $285.85 per square foot to the building.