SOLD – Parkdale Commons

THE OPPORTUNITY

• 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

THE HIGHLIGHTS

• 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%