This property has sold.

Details: Retail

Asking Price: $15,400,000

Square Feet: 191,559 SF

Asking Cap Rate: 7.71%

Year Built: 1973

NOI: $1,187,879

SOLD – Parkdale Commons

1200 Richland Dr, Waco, TX 76710


  • Hobby Lobby anchored shopping center, with term through 2026
  • Hobby Lobby ‘21 sales of $12.7mm/ $222psf is in the upper percentile within the chain
  • YTY Hobby Lobby sales increase of 22.15%
  • Hobby Lobby health ratio of 3.04% is extremely low for a big box retailer
  • True Value recently committed to a 10-year term with a 10% escalation in years 6-10
  • dd’s Discounts backed by Ross Stores with term through 2026
  • 89% of revenue is from National Tenants
  • Upside through lease up of the 22,502 SF in vacancy
  • Leases are staggered and expire incrementally through 2031
  • National and Regional tenants make up 80% of the GLA
  • Opportunity for investor to acquire the asset at well below replacement cost
  • At or below market rents with limited supply within the market
  • Drug Emporium recently renewed for 5 years


  • Dense retail corridor – Major retailers include Target, Walmart, Lowes, Home Depot, Tractor Supply, Dick’s, Academy Sports, Burlington, JC Penny, Dillards, and H-E-B
  • Great visibility and accessibility from three heavily traveled corridors
  • Traffic counts on N Valley Mills Dr and Bosque Blvd equal 35,918 cars daily
  • Located in the primary retail node of the West Waco market
  • Asset benefits from continued growth of Baylor University
  • Within 6 miles of Baylor University, home to over 19,300 full time students
  • Average vacancy in competing centers is 5%

This property has sold.