Palms Crossing

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer qualified investors the opportunity to acquire Palms Crossing (the “Property”), a 384,075 square foot, 97.2% leased open-air shopping center in McAllen, Texas. The Property is strategically located in McAllen, which serves as the retail epicenter for the entire Rio Grande Valley, a region with 2.3M+ people (1.4M in US, 950K+ in Reynosa). McAllen’s status as a retail destination results in $10BN of retail sales per year (up 6% on trailing 12). The market’s impressive sales productivity means McAllen captures the 2nd highest retail tax collection per capita of any city in Texas. The cities close proximity to Mexico means the area captures significant retail spending from shoppers on both sides of the border. 18M people cross the nearby Hidalgo County International Bridges every year. The properties impressive 7.2M visit count (top 3% in Texas) includes domestic traffic only. Approximately 35% of these traveled 30 miles or more to the center, underlining the strong regional draw. McAllen’s population is expected to double by 2040. Situated at the northeast corner of West Frontage Road and South Ware Road off Interstate 2, the asset offers exceptional connectivity in one of the area’s most accessible retail corridors.

Palms Crossing delivers stable cash flow through its strong 97.2% occupancy and 4.2 year weighted average lease term, while offering additional upside with 5+ acres of developable land, alongside the opportunity to spin off 3 individual strips of retail. As the Rio Grande Valley’s premier open-air shopping destination, the Property features an impressive tenant roster of national and regional retailers including Barnes & Noble, Hobby Lobby, Guitar Center, Burlington, La Costa Seafood Grill, and Chipotle.